Updated Guidance and Resources from the IRS

Tax relief for employer leave-based donation programs that aid victims of the COVID-19 pandemic  The IRS extended the tax relief provided in Notice 2020-46 for calendar year 2021 for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic.  Click here for more. Avoid these errors when requesting advance payments of […]

UI Contribution Rate and Maximum Weekly Benefit Amount Increases

The Vermont Department of Labor Unemployment Insurance program has announced that the state’s UI contribution rate will index up to Tax Schedule III and the maximum Weekly Benefit Amount (WBA) will increase to $583 per week. Both changes take effect today, July 1, 2021, and are in accordance with existing state statute.

ACTION ALERT | UI Legislation:  Partial Mitigation of Tax Increases, but Significant Increase in Benefit Costs

The House is expected to take up legislation, S.62, this coming week that will include provisions taken from previously discussed legislation, S.10, addressing UI tax and benefit issues.  The current bill will increase UI benefit costs by more than $100 million over the coming years while partially addressing underlying distortions that would otherwise increase UI […]

Updated Guidance and Resources from the IRS | Common Errors Employers Should Avoid in Filing Taxes and Claiming Credits

Employers filing employment tax returns and claiming an employer tax credit should read the instructions for Form 941 (click here) and carefully complete the form to avoid mistakes. Using a reputable tax preparer (click here) including a certified public accountant, enrolled agent (click here) or other knowledgeable tax professional can also help avoid errors. Mistakes […]

Updated Resources and Guidance from the IRS

Guidance for employers claiming the Employee Retention Credit for first two quarters of 2021 IRS Notice 2021-23 (click here) provides guidance for employers 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 Act). It explains […]

UPDATE | Corporate and Sales Tax Provisions Benefiting Manufacturers Back on the Table, Complicated with Other Tax Proposals

The House Ways and Means Committee has revived work on corporate and sales tax reforms that would benefit Vermont manufacturers.  Earlier this year, AIV outlined changes to the apportionment of corporate taxable income as well as expansion and clarification of the sales tax exemption for machinery and equipment that we have long advocated for and […]

ACTION ALERT | Update on Legislation Impacting UI Benefits and Taxes; Employer Engagement Now Focuses on the House

The Senate last week passed S.10, legislation impacting UI benefits and taxes, with amendments.  The bill is now pending review and action in the House Commerce and Economic Development Committee, which could take the legislation up as soon as next week. Current Provisions and Issues The bill includes a number of provisions, some of which […]

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 […]

This Week in Committees

The following are selected items on committee calendars for the coming week that might be of interest to members.  Schedules are subject to change.  If you would like more in­formation on any of these issues or others of interest to you, please do not hesitate to contact us at info@aivt.org.  You can also review full agendas […]