IRS Promotes Business Tax Credits for Assisting Employees’ Childcare Needs

The Internal Revenue Service (IRS) has set up an online resource on Employer-Provided Childcare Tax Credit, a program incentivizing businesses to provide childcare services to their employees. On Wednesday, the IRS launched a new page detailing information regarding the credit. “We’ve heard that some employers may be overlooking this important credit, so the IRS has created a new one-stop shop for information on IRS.gov that provides an easy place to learn more,” said IRS Commissioner Danny Werfel, according to a Feb. 7 press release. The credit is designed to incentivize employers to offer childcare services to workers by covering a part of such costs. According to IRS regulations, the credit is limited to $150,000 per year and can be used to offset 25 percent of childcare facility expenditures and 10 percent of related expenditures....