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 […]

Webinar: What Manufacturers Need to Know About Payroll Tax Deferral

AIV’s national allies and partners at NAM are hosting a webinar this Wednesday September 2 from 3:00 to 3:45 pm to discuss President’s executive order on the deferral of employee payroll tax obligations and the recently-released guidance to implement this policy, which takes effect this week.  It will provide an overview of the policy and […]

Updated Guidance and Resources from the IRS

Families First Coronavirus Response Act: Guidance on reporting qualified leave wages Notice 2020-54 (click here) provides guidance to employers on the requirement to report the amount of qualified sick leave wages and qualified family leave wages paid to employees under the Families First Coronavirus Response. Employers are required to report these amounts either on Form […]

Updated Guidance and Resources from the IRS

IRS issues proposed regulations for TCJA’s simplified tax accounting rules for small businesses The Internal Revenue Service today issued proposed regulations (click here) that adopt simplified tax accounting rules for small businesses. For tax years beginning in 2019 and 2020, these simplified tax accounting rules apply for taxpayers having inflation-adjusted average annual gross receipts of […]

Updated Guidance and Resources from the IRS

Identity Theft Issues for Businesses and Individuals The IRS and its partners continue their efforts against identity theft.  Now the Form 14039-B (click here), an identity theft affidavit for businesses and other entities, will make it easier for businesses, estates, trusts and tax-exempt organizations to report identity theft to the IRS. Submitting this form will […]

Updated Guidance and Resources from the IRS

Employers Should Be Aware of Scams and other Threats Tax professionals, employers and taxpayers need to be on guard against phishing designed to steal Form W-2s and other tax information. These are called Business Email Compromise or Business Email Spoofing. These scams have used a variety of tactics including requests for wire transfers or payment […]

Updated Guidance and Resources from the IRS

The following are recently posted or updated guidance and resources from the US Department of Labor and OSHA: Treasury, IRS issue guidance on reporting qualified sick and family leave wages paid The Treasury Department and the IRS recently provided guidance in Notice 2020-54 (PDF) to employers requiring them to report the amount of qualified sick […]