Updated Guidance and Resources from the IRS

Additional Relief with Respect to Employment Tax Deadlines Applicable to Employers Affected by the Ongoing COVID-19 Pandemic

Notice 2021-11 (click here) provides that the end date of the period during which employers must withhold and pay the deferred taxes is postponed from April 30, 2021, to December 31, 2021, and associated interest, penalties, and additions to tax for late payment with respect to any unpaid deferred taxes will begin to accrue on January 1, 2022, rather than on May 1, 2021. As required by section 274 of the COVID-related Tax Relief Act of 2020, which was enacted as part of the Consolidated Appropriations Act, 2021, on December 27, 2020, this notice modifies Notice 2020 65 by extending the time period during which employers must withhold and pay certain taxes that were deferred under Notice 2020-65.

Notice 2021-11 will be in IRB:  2021-6, dated February 8, 2021.

Waiver of Information Reporting Requirements with Respect to Certain Amounts Excluded from Gross Income

Notice 2021-06 (click here) waives the requirement to file certain information returns and furnish certain payee statements pursuant to section 279 of the COVID-related Tax Relief Act.  The waiver applies to Form 1099 series information returns for specified grants, payments, subsidies and loan forgiveness excludible from income under various COVID-19 relief acts.  The notice does not waive information reporting requirements to file and furnish Forms 1098 and 1098-T with respect to those amounts.

Notice 2021-06 will be in IRB 2021-6, dated Monday 02/08/2021.