First Published Guidance On Implementation Of Families First Coronavirus Response Act

On Friday, March 20, 2020, the Treasury Department, Internal Revenue Service, and the Department of Labor issued primary guidance on the Families First Coronavirus Response Act (the Act) (commonly referred to as Phase 2) in Notice IR-2020-57 (the Notice). Please see alert for discussion of two new important tax details provided in the Notice regarding the Act’s employer tax credits, and for additional discussion of the Act, generally.  The two new important tax details are (1) that employers can be “paid” by retaining certain funds otherwise due to the government  (including income tax withholding from ALL employees), and (2) that rebate requests will be processed by IRS within two weeks or less.