Updated Guidance and Resources from the IRS

Tax relief for employer leave-based donation programs that aid victims of the COVID-19 pandemic  The IRS extended the tax relief provided in Notice 2020-46 for calendar year 2021 for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic.  Click here for more. Avoid these errors when requesting advance payments of […]

Updated Guidance and Resources from the IRS | Common Errors Employers Should Avoid in Filing Taxes and Claiming Credits

Employers filing employment tax returns and claiming an employer tax credit should read the instructions for Form 941 (click here) and carefully complete the form to avoid mistakes. Using a reputable tax preparer (click here) including a certified public accountant, enrolled agent (click here) or other knowledgeable tax professional can also help avoid errors. Mistakes […]

Updated Resources and Guidance from the IRS

Guidance for employers claiming the Employee Retention Credit for first two quarters of 2021 IRS Notice 2021-23 (click here) provides guidance for employers claiming the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act). It explains […]

Updated Guidance and Resources from the IRS

IRS provides guidance for employers claiming the Employee Retention Credit for first two quarters of 2021 The Internal Revenue Service issued guidance for employers (click here) claiming the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief […]

Updated Resources and Guidance from the IRS

Updated FAQs and new IRS form available for sick and family leave credits The IRS published updated FAQs (click here) about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the Families First Coronavirus Response Act (FFCRA). The IRS also announced a new Form 7202, Credits for Sick Leave […]

Extension of COVID Tax Credit for Employers Who Keep Workers on Payroll

The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, made a number of changes to […]

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 […]

Updated Guidance and Resources from the IRS

Calculating Certain Agricultural W2 Wages Revenue Procedure 2021-11 (click here) provides methods for calculating W-2 wages for purposes of section 199A(g)(1)(B)(i), which, for certain specified agricultural or horticultural cooperatives  provides a limitation based on W-2 wages to the amount of a deduction under section 199A(g)(1)(A) of 9 percent of the lesser of qualified production activities […]

Updated Guidance and Resources from the IRS

Revenue Ruling 2021-02 (click here) obsoletes Notice 2020-32 and Rev. Rul. 2020-27 due to the enactment of the COVID-related Tax Relief Act of 2020 (Act).  The Act retroactively amends the CARES Act to provide that no amount is included in the gross income of a Paycheck Protection Program (PPP) participant by reason of forgiveness of […]