The U.S. IRS announced on 27 July 2020 the issuance of temporary and proposed regulations providing guidance on recapturing excess employment tax credits under both the Families First Coronavirus Response Act (Families First Act) and the Coronavirus Aid, Relief and Economic Security Act (CARES Act). The regulations were officially published in the Federal Register on 29 July.
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IRS provides guidance on recapturing excess employment tax credits
WASHINGTON — The Internal Revenue Service i…