COVID Vaccine Tax Credits

May 18, 2021 | Resources for Funeral Homes

Last week, the Biden administration announced a new tax credit that would help businesses offer paid time off for employees to receive COVID-19 vaccinations. In addition, the tax credit can also be used to cover time off if an employee needs time to recover from side effects from the vaccine.

The new tax credit applies to nearly all businesses and nonprofits with fewer than 500 employees. It provides up to $511 per day per employee for up to 10 workdays for time taken off between April 1 and September 30, 2021. If small business owners choose to provide employees with time off to get vaccinated, the federal government will reimburse employers through money taken out of what the employer usually pays in Medicare taxes. Employers could use IRS Form 941 to show they offset those costs and claimed the tax credits.

More information on this credit program can be read on the IRS website.

The U.S. Chamber of Commerce has also prepared a helpful guide which can be found here.

Explore More

Recent Posts

Facing the Future Together: Tips for End-of-Life Planning Talks

Navigating the conversation about end-of-life arrangements requires delicacy, understanding, and a professional approach. As a funeral industry professional, your role in facilitating these discussions is crucial. This guide, courtesy of the Arkansas Funeral Directors...

What Small Businesses Should Watch Out For with AI

Artificial intelligence can be a valuable tool in your toolbox for business needs. However, businesses using or contemplating the use of AI should be mindful of its risks and limitations. This technology is still in its early stages of use and development. Before...

Addiction Treatment Help

Addiction Help is the only addiction and mental health website founded by a board-certified addiction specialist, a long-time recovering addict, and the spouse of an addict. They provide reliable information about addiction and recovery to guide addicts and their...