New Form 8994: Calculating Family and Medical Leave Tax Credit and IRS Reporting

Determining Eligibility, Calculating Wages and Maximizing the Credit

Note: CLE credit is not offered on this program

A live 110-minute CPE webinar with interactive Q&A


Wednesday, May 15, 2019

1:00pm-2:50pm EDT, 10:00am-11:50am PDT

Early Registration Discount Deadline, Friday, April 19, 2019

or call 1-800-926-7926

This webinar will focus on completing the newly issued Form 8994, Employer Credit for Paid Family and Medical Leave, to claim the new tax credit created by the tax reform law. It will clarify the guidance issued in Notice 2018-71 and help practitioners and employers maximize this credit. The panel will explain employer and employee eligibility, what paid leave qualifies for the credit, and the non-tax as well as the tax benefits of this credit.

Description

The new Section 45S credit for family and medical leave provides a credit of between 12.5 and 25 percent of wages paid to qualifying employees for specified medical leave. To receive the credit, employers must maintain a written FML policy and pay no less than 50 percent of an eligible employee's wages for no less than two weeks a year.

The credit is graduated, and employers will receive incrementally more of the credit up to the full 25 percent, if the employee receives 100 percent of his regular earnings. The credit is pro-rated for part-time employees adding to the complexity of the calculation.

IRS Notice 2018-71 provides answers to 34 FAQs about the credit as well as many examples to guide employers and tax practitioners through the calculations. Although the qualifications are stringent, this tax credit provides substantial benefits when maximized. Also, the intangible benefits include higher performing and more satisfied employees.

Listen as our panel of experts discusses the documentation requirements and eligibility rules, and guides you through completing the new Form 8994 to take full advantage of the tax savings.

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Outline

  1. New Section 45S Employer Family and Medical Leave Credit
  2. Eligibility requirements
    1. Plan
    2. Employers
    3. Employees
  3. Minimum paid leave requirements
  4. Calculating and claiming the credit
  5. Completing Form 8994

Benefits

The panel will review these and other key issues:

  • Determining plan requirements and possible modifications to existing plans
  • Ascertaining employer and employee eligibility
  • Calculating the credit
  • Completing Form 8994

Faculty

Master, Ali
Ali Master
Partner
Ernst & Young

Mr. Master leads the Workforce Tax Services vertical that focuses on assisting large employers manage their compliance...  |  Read More

Additional faculty
to be announced.

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