Today in Washington – October 3, 2018
October 3, 2018
Source: Jennifer (White) Mangone – Legislative Counsel

The House is in recess until November 13.

IRS Releases Guidance – The IRS released guidance on the New Employer Tax Credit for Paid Family and Medical Leave, part of the tax reform legislation passed in December 2017. The notice clarifies how to calculate the credit including the application of special rules and limitations. Only paid family and medical leave provided to employees whose prior-year compensation was at or below a certain amount qualify for the credit. For tax year 2018, the employee’s 2017 compensation from the employer must have been $72,000 or less.

• Today @ 2:30 PM: Senate Small Business Committee, Expanding Opportunities for Small Businesses Through the Tax Code, 428A Russell Senate Building.
• October 5 @ 10 AM: Senate Small Business Committee, How Small Businesses Benefit from Smart Rail Shipping Regulation, 428A Russell Senate Building.