The IRS has launched new information on its website to elucidate the Employer-Provided Childcare Tax Credit, aimed at encouraging businesses to offer childcare services to their employees. IRS Commissioner Danny Werfel emphasizes the significance of this tax credit in aiding employers to provide childcare facilities and services. The credit is intended to assist employers in covering expenses related to qualified childcare facilities and resource and referral services for their employees. It is capped at $150,000 annually and covers 25% of qualified childcare facility costs and 10% of qualified resource and referral expenses. Further details on eligibility criteria and claiming procedures are available on the Employer-Provided Childcare Tax Credit homepage on IRS.gov.
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