Tax Tip #173
Ralph Loggia • December 12, 2023
IRS to Provide COVID-19 Related Tax Credit
The IRS is providing another COVID-19-related tax credit.
Qualifications:
• Self-employed/independent contractors & active members of a partnership/LLC who have income subject to self-employed tax
• Those who missed work due to COVID-19 illness, quarantine or family care absences
• Time period: 4/1/2020 through 9/30/2021
The maximum amount of the credit: $5,110 for qualified sick leave and $12,000 for qualified family leave.
The due date for the refundable tax credit pertaining to tax year 2020 is 4/15/2024.
If you believe this credit applies to you, don’t hesitate to reach out to a team member.
