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TREAS/IRS RIN: 1545-BP88 Publication ID: Spring 2021 
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.

 
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
Timetable:
Action Date FR Cite
NPRM  07/29/2020  85 FR 45551   
NPRM Comment Period End  09/28/2020 
Final Action  06/00/2021 
Additional Information: REG-111879-20 (Final) Drafter attorney: NaLee Park (202) 317-6798 Reviewer attorney: Andrew Holubeck (202) 317-4774 Treasury attorney: Amber Salotto (202) 622-6707 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