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  • Tax Relief
    • Business Tax Relief
    • IRS Tax Relief
    • Income Tax Relief
    • State Tax Relief
    • Emergency Bank Levy Help
    • Tax Relief Form
  • About
    • About Enrolled Agents
    • Testimonials
    • Redacted Results
    • Our Promise
    • Request a Free Consultation
  • Contact
    • Request a Free Consultation
  • News & Tips
  • FAQ
  • Request a Consult

Covid-19 Tax Relief

Home » Covid-19 Tax Relief
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By Larson Tax Relief
In
Posted 2020-04-22

How does a self-employed individual claim the credits for qualified sick leave equivalent amounts or qualified family leave equivalent amounts?

The refundable credits are claimed on the self-employed individual’s Form 1040, U.S. Individual Income Tax Return, tax return for the 2020 tax year.

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By Larson Tax Relief
In
Posted 2020-04-22

Can a self-employed individual receive both qualified sick or family leave wages and qualified sick or family leave equivalent amounts?

Yes, but the qualified sick or family leave equivalent amounts are offset by the qualified sick or family leave wages. That is, if an eligible self-employed individual receives qualified sick [...]

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By Larson Tax Relief
In
Posted 2020-04-22

How is the “qualified family leave equivalent amount” for an eligible self-employed individual calculated?

The qualified family leave equivalent amount with respect to an eligible self-employed individual is an amount equal to the number of days (up to 50) during the taxable year that the [...]

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By Larson Tax Relief
In
Posted 2020-04-22

How is the “average daily self-employment income” for an eligible self-employed individual calculated?

Average daily self-employment income is an amount equal to the net earnings from self-employment for the taxable year divided by 260. A taxpayer’s net earnings from self-employment are based on [...]

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By Larson Tax Relief
In
Posted 2020-04-22

How is the “qualified sick leave equivalent amount” for an eligible self-employed individual calculated?

For an eligible self-employed individual who is unable to work or telework because the individual: Is subject to a Federal, State, or local quarantine or isolation order related to COVID-19; Has [...]

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By Larson Tax Relief
In
Posted 2020-04-22

Who is an eligible self-employed individual for purposes of the qualified sick leave credit and the qualified family leave credit?

An eligible self-employed individual is defined as an individual who regularly carries on any trade or business within the meaning of section 1402 of the Code, and would be entitled to receive [...]

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By Larson Tax Relief
In
Posted 2020-04-22

Can an employee receive both “qualified sick leave wages” and “qualified family leave wages”?

Yes, but at different times. Qualified sick leave wages are available for up to 80 hours during which an employee cannot work or telework for any of six reasons related to COVID-19, including [...]

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By Larson Tax Relief
In
Posted 2020-04-22

Are qualified sick leave wages and qualified family leave wages excluded from gross income as “qualified disaster relief payments”?

No. Section 139 of the Internal Revenue Code (Code) excludes from a taxpayer’s gross income certain payments to individuals to reimburse or pay for expenses related to a qualified disaster [...]

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By Larson Tax Relief
In
Posted 2020-04-22

Are qualified sick leave wages and qualified family leave wages taxable to employees?

Yes. Under sections 7001(c) and 7003(c) of the FFCRA, qualified leave wages are wages as defined in section 3121(a) of the Internal Revenue Code (the “Code”) and compensation as defined in [...]

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By Larson Tax Relief
In
Posted 2020-04-22

May a tax-exempt employer receive the credits?

Yes. The FFCRA entitles Eligible Employers that pay qualified sick leave wages and qualified family leave wages to refundable tax credits. Qualified sick leave wages and qualified family leave [...]

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