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

IRS launches A Closer Look webpage on IRS.gov; new article focuses on audits The IRS unveiled a new online publication called “A Closer Look” (click here) to provide a more detailed look at some of the major issues facing IRS and tax administration. This week’s post focuses on compliance and audits. The post includes data about […]

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. […]

Override of Global Warming Legislation Veto

The Senate Tuesday voted to override the Governor’s veto of H.688.  This follows the House’s successful override vote last week. Enactment of H.688 over the Governor’s veto presents a number of concerns and challenges for the future. The biggest issues with H.688 are not necessarily about the issue of climate change.  Rather, they concern the […]

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 […]