With more and more of our Geyer Law clients having either retired from – or having been involuntarily downsized from – full time careers and now working as free-lancers or independent contractors, we wanted to call attention to the possible availability of Families First benefits in the form of tax credits. As a reminder, our attorneys at Geyer Law do not offer tax advice, instead working in concert with our clients’ tax professionals. Nevertheless, we thought the updated information, provided courtesy of Sullivan Business Services, might well apply to many of the families we serve.
The Families First Coronavirus Tax Response Act became law in March, 2020, helping employers provide paid sick leave and unemployment benefits to counter the impact of COVID-19. In December of that same year, the FFCRA Tax Credit was expanded to include the self-employed, including independent contractors and freelance “gig” workers. The concept was to reimburse the income lost during the pandemic because:
- They were quarantined
- They had to take care of a child whose school had closed or which had gone to virtual instruction
- They had suffered side effects from vaccination
Why is this coming up now, four years later?
“Because this COVID relief is wrapped into a complex bill that Congress passed many months ago, there is little awareness right now of the opportunity for self-employed individuals to potentially receive monetary refunds on their 2020 and 2021 taxes,” the Wisconsin Restaurant Association explains.
It is not too late to claim benefits.
- April 15, 2024 is the deadline to file for 2020 claims.
- April 15, 2025 is the deadline to file for 2021 claims.
Does this benefit really apply to many Indiana residents over 60 years old?
“The economic pressure to work well beyond the traditional retirement age is aggravated by two complementary societal trends: increasing income inequality and a substantial weakening of pension plans that deliver adequate, predictable post-retirement income,” MarshMcLennan observes.
Since the team at Rebecca W. Geyer & Associates has been helping Indiana businesses since 1999, we have seen an increasing number of clients leaving the corporate world. Many, we are sure, will be able to take advantage of the possible tax benefits of the families First Coronovirus response Act. .
– by Ronnie of the Rebecca W. Geyer blog team
