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 […]

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 […]