IRS Issues Updated Form 8894

The Internal Revenue Service (IRS) has issued an updated Form 8994, which is used by employers to determine the tax credit for providing paid family and medical leave. To claim the credit, eligible employers must have a written program that pays at least 50% of wages to qualified employees for at least two weeks of annual paid family and medical leave. An eligible employer that pays 50% of wages may claim a general business credit of 12.5% of wages paid for up…

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