Roundup of Updates and Resources from the IRS

Complying with New USMCA Trade Agreement Announcement 2020-06 (click here) provides the Treasury Department and IRS view on how to interpret references in US income tax treaties to the North American Free Trade Agreement (NAFTA) once it is replaced by the Agreement between the United States Canada and Mexico (the USMCA).  The announcement provides that […]

New Refresher/Overview of Paid Leave and Employer Tax Credits under the FFCRA Posted by the IRS

As you know, the Families First Coronavirus Response Act (FFCRA) provides tax credits to reimburse employers for the costs of providing paid sick leave and paid family and medical leave to employees unable to work because of the coronavirus (COVID-19). These credits are refundable. That means if the amount of the credit exceeds the amount […]

Updates on Guidance and Resources from the IRS

The following are recent updates for IRS guidance and resources: COVID-19 paid leave tax credits for small and midsize businesses Small and midsize employers can claim two new refundable payroll tax credits.  The paid sick leave credit and the paid family leave credit are designed to immediately and fully reimburse eligible employers for the cost […]

Updated Guidance and Resources from the IRS

The following is a roundup of guidance and resources recently provided or updated by the IRS: IRS Provides Guidance on Deductible Business Expenses and PPP Loans The IRS has explained how it will handle the tax treatment of deductible expenses for businesses receiving Paycheck Protection Program loans. To prevent a “double tax benefit,” the IRS […]

IRS Publishes New FAQ Extending FATCA Certification Due Date

In response to disruptions related to the COVID-19 virus, the IRS will grant an automatic extension of time to an entity with a FATCA certification due date of July 1, 2020 to submit a FATCA certification.  FATCA certifications that are due on July 1, 2020 will be automatically extended to December 15, 2020 within the […]

IRS Outlines Common Errors to Avoid when Filing for Advance Payment of Employer Credits

Employers who are filing Form 7200, Advance Payment of Employer Credits Due to COVID-19 should read the instructions carefully and take their time when completing this form to avoid mistakes. Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals – can also help avoid errors. Mistakes can […]

Reminder from Department of Labor for Employers’ First Quarter Wage Reports, Offers Flexibility for Contributions and Penalties

The Department of Labor is reminding employers that first quarter wage reports are due on April 30, 2020.  Timely submittal will assist the Department in ensuring that Vermonters applying for unemployment will receive benefits. In addition to first quarter wage reports, first quarter unemployment tax contributions are also due on April 30. Flexibility on Quarterly […]