Bookmark and Share [ [link removed] ]
a { color:#0073AF !important;} a:hover { color:#004673 !important;} <!-- body { font-family: arial; } p { font-size: 12px; } li { font-size: 12px; } h2 { font-size: 24px; font-style: italic;} -->
IRS.gov Banner
IRS Tax Tips June 11, 2024
Useful Links:
IRS.gov [ [link removed] ]
Help For Hurricane Victims [ [link removed] ]
________________________________________________________________________
News Essentials
What's Hot [ [link removed] ]
News Releases [ [link removed] ]
IRS - The Basics [ [link removed] ]
IRS Guidance [ [link removed] ]
Media Contacts [ [link removed] ]
Facts & Figures [ [link removed] ]
Around The Nation [ [link removed] ]
e-News Subscriptions [ [link removed] ]
________________________________________________________________________
The Newsroom Topics
Multimedia?Center [ [link removed] ]
Noticias en Espa?ol [ [link removed] ]
Radio PSAs [ [link removed] ]
Tax Scams/Consumer Alerts [ [link removed] ]
The Tax Gap [ [link removed] ]
Fact?Sheets [ [link removed] ]
IRS Tax Tips [ [link removed] ]
Armed Forces [ [link removed] ]
Latest News [ [link removed] ]
________________________________________________________________________
IRS Resources
Contact?Your Local IRS?Office [ [link removed] ]
Filing Your Taxes [ [link removed] ]
Forms & Instructions [ [link removed] ]
Frequently Asked Questions [ [link removed] ]
Taxpayer Advocate Service [ [link removed] ]
Where to File [ [link removed] ]
IRS Social Media [ [link removed] ]
?
________________________________________________________________________
Issue Number:? Tax Tip 2024-58
*Businesses: The Employer-Provided Childcare Tax Credit is worth up to $150,000*
The Employer-Provided Childcare Tax Credit is an incentive for businesses to provide childcare services to their employees.
*About the tax credit*
This tax credit helps employers cover some costs for childcare resource and referral and for a qualified childcare facility. A qualified childcare facility is one that meets the requirements of all laws and regulations of the state or local government in which it?s located.
The credit is worth up to $150,000 per year to offset 10% of qualified childcare resource and referral costs and 25% of qualified childcare facility costs.
*Who is eligible*
To be eligible for the credit, an employer must have paid or incurred qualified childcare costs during the tax year to provide childcare services to employees.
Qualified childcare costs are:
* Costs associated with acquiring, constructing, rehabilitating or expanding property used as the taxpayer?s qualified childcare facility.
* Operating expenses paid by the business, including amounts paid to support childcare workers through training, scholarship programs and providing increased compensation to employees with higher levels of childcare training.
* Qualified resource and referral costs which include amounts paid or incurred under a contract with a qualified childcare facility to provide childcare services to employees of the taxpayer.
*How to claim the credit*
Employers should complete Form 8882, Credit for Employer-Provided Childcare Facilities and Services [ [link removed] ], to claim the credit. The credit is part of the general business credit subject to the carryback and carryforward rule. This means employers may carryback unused credit one year and then carryforward 20 years after the year of the credit. Taxpayers whose only source for the credit is from pass-through entities can report the credit directly on Form 3800, General Business Credit [ [link removed] ].
Businesses can find out more at the IRS Employer-Provided Childcare Tax Credit page [ [link removed] ] on IRS.gov including, more information on claiming the credit and the requirements for qualified childcare expenditures and qualified childcare facilities.
?
Back to top [ #top ]
?
________________________________________________________________________
FaceBook Logo [ [link removed] ]??YouTube Logo [ [link removed] ] ?Instagram Logo [ [link removed] ]? Twitter Logo [ [link removed] ] ?LinkedIn Logo [ [link removed] ]
________________________________________________________________________
Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov [ [link removed] ].
This message was distributed automatically from the IRS Tax Tips mailing list. *Please Do Not Reply To This Message.*
?
________________________________________________________________________
Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page [ [link removed] ]. You will need your email address to log in. If you have questions or problems with the subscription service, visit subscriberhelp.govdelivery.com [ [link removed] ].
This service is provided to you at no charge by the Internal Revenue Service (IRS) [ [link removed] ].
body .abe-column-block {min-height: 5px;} ________________________________________________________________________
This email was sent to
[email protected] by: Internal Revenue Service (IRS) ? Internal Revenue Service ? 1111 Constitution Ave. N.W. ? Washington, D.C. 20535 GovDelivery logo [ [link removed] ]
body .abe-column-block { min-height: 5px; } table.gd_combo_table img {margin-left:10px; margin-right:10px;} table.gd_combo_table div.govd_image_display img, table.gd_combo_table td.gd_combo_image_cell img {margin-left:0px; margin-right:0px;}
