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 […]

Updated Resources and Guidance from the IRS

Year-end delay for advanced payments of employer credits Due to standard end-of-year close out, employers will experience a delay in receiving payments associated with Forms 7200, Advance Payment of Employer Credits, processed between late-December and mid-January. The IRS will continue to accept and process valid Forms 7200 during this time, but the processing of payments […]

Updated Guidance and Resources from the IRS

2020 National Tax Security Awareness Week – November 30 through December 4 The IRS, state tax agencies and the nation’s tax industry announced their 5th Annual National Tax Security Awareness Week will take place between November 30 and December 4. This year there’s a heightened need for security as fraudsters seek to use the COVID-19 […]

Updated Resources and Guidance from the IRS

IRS reminds businesses to e-file payroll tax returns The IRS urges payroll professionals and businesses to use the speed and convenience of filing payroll tax returns (Forms 940, 941, 943, 944 or 945) electronically. An IRS new release (click here) provides information on business e-file and the two options for electronically filing payroll tax returns. […]

Updated Resources and Guidance from the IRS

October 15 deadline nears for taxpayers who requested tax filing extensions For taxpayers who filed an extension, the October 15, 2020, due date to file their 2019 tax return is near. Taxpayers should file their tax returns on or before the October 15 deadline. An IRS news release on this topic includes information and links […]

Unemployment Insurance Tax Increases Looming, As Are Challenges in Addressing Them

Not surprisingly, the health of the Unemployment Trust Fund and the taxes on employers required to maintain it are shaping up to be significant issues for Vermont employers going into 2021.  Unfortunately, the end of the recent legislative session shows that dealing with these issues will be challenging.  AIV will be leading efforts to address […]

Updated Resources and Guidance from the IRS

Guidance on deferring certain employee Social Security tax withholding Notice 2020-65 provides guidance to employers for allowing deferred withholding and payment of an employee’s portion of the Social Security tax if their wages are below a certain amount. This relief generally applies to wages paid between September 1, 2020, through December 31, 2020.  Click here. […]

Updated Resources and Guidance from the IRS

IRS approves digital signatures for certain forms To protect the health of taxpayers and tax professionals, the Internal Revenue Service announced on August 28 it will temporarily allow the use of digital signatures on certain forms that cannot be filed electronically (click here).  The change will help to reduce in-person contact and lessen the risk […]