Updated Guidance and Resources from the IRS

July 15 tax deadline approaching As the 2019 tax filing and payment deadline approaches (click here for more), the IRS reminds businesses and self-employed individuals that 2019 income tax liabilities as well as postponed April 15 and June 15, 2020 estimated tax payments are due July 15, 2020 (click here for more).   Deferral of […]

Roundup of IRS Guidance and Resources

The following are some resources and guidance recently released or updated by the IRS: Employers Who Have Received a PPP Loan May Defer Deposit and Payment of the Employer’s Share of Social Security Tax The Paycheck Protection Program Flexibility Act, enacted on June 5, amends section 2302 of the CARES Act. It strikes the rule […]

Scheduled Changes in UI Taxes and Benefits Triggered by Pre-COVID UI Trust Fund Growth Coming Up

Owing to strong growth in the UI Trust Fund balances last year, automatic reductions in UI tax rates and increases in benefits will take effect beginning July 1.  UI Reforms implemented in 2010 following the Fund’s collapse during the last recession included several new automatic adjustments to help keep the Fund’s balances from falling too […]

Roundup of Updates and Resources from the IRS

Tax Treatment of COVID-19 Donations Notice 2020-46 provides guidance under the Internal Revenue Code on the federal income and employment tax treatment of cash payments made by employers under leave-based donation programs to aid victims of the ongoing Coronavirus Disease 2019 (COVID-19) pandemic as described in the notice.  The notice provides that cash payments employers […]

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 […]