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Employer credit available for providing paid leave for COVID-19 immunization

The IRS updated the frequently asked questions (FAQs) on the paid sick and family leave tax credits under the American Rescue Plan Act of 2021. The updates clarify that eligible employers can claim the credits for providing leave to employees to accompany a family or household member or certain other individuals to obtain immunization relating to COVID-19 or to care for a …

employer tax consulting

Additional guidance to employers for second half of 2021

The Treasury Department and the IRS issued further guidance on the Employee Retention Credit, including guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and additional guidance on miscellaneous issues that apply to the credit in both 2020 and 2021. These changes, made under the American Rescue plan, amplify prior guidance. The guidance also …

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New online tools to help families manage Child Tax Credit payments

The American Rescue plan increased the maximum Child Tax Credit amount in 2021 to $3,600 per child for children under the age of 6 and to $3,000 per child for children ages 6 through 17. It’s also now an advanceable payment, and automatic payments for eligible families will start on July 15, 2021. To help families sign up for this advanceable …

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IRS Tax Tips

Filing payroll taxes electronically makes good business sense go.usa.gov/x69Uw IRS offers information and resources in variety of multilingual and alternative formats go.usa.gov/x69UV Facts to help taxpayers understand backup withholding go.usa.gov/x69Ud  Other Tax News: The following information may be of interest to individuals and groups in or related to payroll professionals’ circles: IRS sending more than 2.8 million refunds to those who …

IRS begins delivering third round of Economic Impact Payments to Americans

The IRS announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week. Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this weekend, and with more receiving this coming week. Additional batches of payments will …

Know the benefits of the Work Opportunity Tax Credit

Giving someone a work opportunity may translate into a business tax credit for your client and greater stability for a family. The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers for hiring individuals from certain targeted groups who have consistently faced significant barriers to employment.

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CT LLC Scam Alert

The Connecticut Association of CPAs (CTCPA) reports its members and their clients organized as Limited Liability Companies (LLC) are receiving a form requiring payment of a “$110 annual report fee” relative to a “2018 – Annual Report Instruction Form (Connecticut LLCs)” from “Workplace Compliance Services, 1022 Boulevard #243, West Hartford, CT 06110.” The form apparently is being received in the regular U.S. …

New forms, instructions, notices and publications on IRS.gov

Forms Form 941, Employer’s Quarterly Federal Tax Return Form 941 (PR), Employer’s Quarterly Federal Tax Return (Puerto Rico Version) Form 941-X (PR), Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund (Puerto Rico Version) Form 1094-B, Transmittal of Health Coverage Information Returns Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns Form 1095-A, Health Insurance Marketplace …

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PPP loan forgiveness fact sheet

Check out the Small Business Administration’s Paycheck Protection Program Loan Forgiveness fact sheet to find out how to: Contact a PPP lender and complete the correct form Compile documentation Submit the forgiveness form and documentation to a PPP lender Continue communicating with a lender throughout the process

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Tips for people starting a new business

Understanding the tax responsibilities when starting a new business can save taxpayers money and help set them up for success. IRS.gov has the resources and answers to help people through the process of starting a new business. Finding resources for choosing a business structure, tax year and applying for an EIN can easily be found on IRS.gov.

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Taxpayers may be eligible for the home office deduction

The IRS is reminding individuals to consider taking the home office deduction if they qualify. The home office deduction is available to qualifying self-employed taxpayers, independent contractors and those working in the gig economy. However, employees who receive a paycheck or a Form W-2 exclusively from an employer are not eligible for the deduction, even if they are currently working from home. …

Three employer credits available that grant relief to businesses

The Internal Revenue Service reminds business owners and self-employed individuals of three employer credits available to them during COVID-19. During Small Business Week, the IRS wants to ensure all eligible people know about the relief these credits provide. The Employee Retention Credit is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in …

Deferral of employment tax deposits and payments through December 31, 2020

The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer’s share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes. These FAQs address specific issues related to the deferral of deposit and payment of these employment taxes. The FAQs will be updated to address additional questions …

Business payment P.O. Boxes in Cincinnati and Hartford closed as of July 1

Business payment P.O. Boxes in Cincinnati and Hartford closed as of July 1

July 1 mars the closing of several business payment P.O. Boxes (also known as Lockbox addresses), in the Cincinnati and Hartford areas. Payments will be returned to sender and no forwarding service will be offered. Go to Where to File on IRS.gov for current payment addresses. See Publication 3891, Lockbox Addresses for 2020, for more information.

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IRS warns against COVID-19 fraud; other financial schemes

In a news release last week, the IRS cautioned that criminals are continuing to use the COVID-19 Economic Impact Payments as cover for schemes to steal personal information and money. The IRS Criminal Investigation unit has already seen scams related to the organized selling of fake at-home test kits, offers to sell fake cures, vaccines, pills and advice on unproven …

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Flowchart helps employers understand new tax credits

The IRS recently issued Publication 5419, New Employer Tax Credits (PDF) to help employers understand that tax credits available to them due to the coronavirus pandemic. The one-page document breaks down the details of the Employer Retention Credit and the credits for paid sick and family leave in easy-to-follow charts. Using the document, employers can quickly determine whether they are eligible for …

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Timely reminder: Schedule and electronically pay federal taxes due by July 15

This IRS Fact Sheet outlines all you need to know about filing and paying federal taxes due July 15. Find information on scheduling or rescheduling a payment, electronic payment options, estimated tax payments, and requesting an extension. For more information about paying taxes due July 15, see the frequently asked questions available on IRS.gov.

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Balance Due Notice mailings: Due dates extended to help taxpayers

Due to the COVID-19 pandemic, the IRS was unable to mail some previously printed balance due notices as a result of office closures. As IRS operations continue to reopen, these notices will be delivered to taxpayers in the next few weeks. Some of the notices may reflect due dates that have already passed. The IRS assures taxpayers the due dates …

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Coronavirus-related paid leave for workers and tax credits for small and midsize businesses

Small and midsize employers can soon begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This COVID-19 relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act, signed March 18, 2020. To take immediate advantage …