Let the fun begin........
Client is reporting that IRS is requiring up to six additional box 14 fields for qualified COVID payments. Has anyone encountered this yet? If so, how are you handling?? Did Sage ever release some guidance on this?
Because two sets of limits may apply to the three different types of qualified leave payments made in 2021 (Le., payments made for leave taken through March 31, 2021, and for leave taken after March 31, 2021 but before October 1, 2021), the IRS will require as many as six entries within Box 14 of Form W-2 (or within a separate statement).
To be eligible, IRS Notice 2021-53 requires that employers report to employees the amount of qualified sick and family leave wages paid. These amounts must be separately reported either in Box 14 of Form W-2 or on a separate statement, with the following descriptions (or similar language):
» Sick leave wages subject to the $511 per day limit paid for leave taken after December 31,2020, and before April 1, 2021.
» Sick leave wages subject to the $200 per day limit paid for leave taken after December 31, 2020, and before April 1, 2021.
» Family leave wages paid for leave taken after December 31, 2020, and before April 1, 2021.
» Sick leave wages subject to the $511 per day limit paid for leave taken after March 31, 2021, and before October 1, 2021.
» Sick leave wages subject to the $200 per day limit paid for leave taken after March 31, 2021, and before October 1, 2021.
» Emergency family leave wages paid for leave taken after March 31, 2021, and before October 1, 2021.
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Jeff Schwenk
FORMER 90M Board Member -140,000,000 is a TERRIBLE thing to waste!!!
Bottomline Software, Inc.
Waynesboro VA
540-221-4444
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