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REPORTING QUALIFIED LEAVE WAGES UNDER THE FAMILIES FIRST ACT

REPORTING QUALIFIED LEAVE WAGES UNDER THE FAMILIES FIRST ACT

The IRS recently issued Notice 2020-54, guidance for employers’ required reporting of qualified sick leave wages, qualified family leaves wages, and qualified family leave wages paid to employees on either Form W-2, Box 14 or in a separate statement. Each wage amount must be separately stated. The Notice also provides model language an employer may use to report these amounts to their employees. Eligible employers are entitled to a refundable credit against social security taxes paid, for qualified leave wages paid to employees.

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