The U.S. IRS and Treasury have issued final regulations on Recapture of Certain Excess Employment Tax Credits Under COVID-19 Legislation (TD 9978), which were published in the Federal Register on 26 July 2023. The regulations finalize and replace the proposed temporary and proposed regulations issued in July 2020 to provide guidance on recapturing excess employment tax credits under the Families First Coronavirus Response Act (Families First Act) and the Coronavirus Aid, Relief and Economic Security Act (CARES Act) (previous coverage). --- SUMMARY: This document sets forth the final regulations under sections 3111, 3131, 3132, 3134, and 3221 of the Internal...