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TREAS/IRS | RIN: 1545-BP88 | Publication ID: Spring 2022 |
Title: Recapture of Excess FFCRA and CARES Credits | |
Abstract:
These regulations provide the IRS with the regulatory authority to reconcile and recapture the tax credits provided under the Families First Coronavirus Response Act (Families First Act), Public Law 116-127, 134 Stat. 178 (March 18, 2020), and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Public Law 116-136, 134 Stat. 281 (March 27, 2020) that had been erroneously credited. The Consolidated Appropriations Act, 2021, Public Law 116-260, 134 Stat. 1182 (December 27, 2020) amended and extended both the credits provided under both Acts. In addition, the American Rescue Plan Act of 2021, Public Law 117-2, 135 Stat. 4 (March 11, 2021) codified the provisions for these tax credits and further amended and extended the credits; the regulations will also apply to the credits as codified. |
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Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: Not Yet Determined (To search for a specific CFR, visit the Code of Federal Regulations.) | |
Legal Authority: 26 U.S.C. 7805 Pub. L. 116-127 Pub. L. 116-136 |
Legal Deadline:
None |
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Timetable:
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Additional Information: REG-111879-20 (Final) Drafter attorney: NaLee Park (202) 317-6798 Reviewer attorney: Sydney Gernstein Treasury attorney: Andrew Holubeck (202) 317-4774 CC:EEE | |
Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: None |
Small Entities Affected: Organizations | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Related RINs: Related to 1545-BP89 | |
Agency Contact: NaLee Park Tax Law Specialist Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW, Room 4312, Washington, DC 20224 Phone:202 317-6798 Email: nalee.park@irscounsel.treas.gov |