Hey Compliance Warriors! The Internal Revenue Service today posted updated FAQs about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the Families First Coronavirus Response Act (FFCRA). The FAQs are available at COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs.
Tag: IRS
Hey Compliance Warriors! The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. Read on…
Hey Compliance Warriors! The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). Read on…
Hey Compliance Warriors! Holidays are the time of the year when employers give gift cards in large quantities. They are quick and easy and also very much appreciated by everyone. But, are they taxable as income or are they considered a De Minimis gift? Read on…
Hey Compliance Warriors! The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Read on…
Colorado, Employment Law Blogs, HR in Aggregate, HR News, Human Resources
Breaking News from the IRS
Hey Compliance Warriors! What’s the IRS been up to this month? Read on… Nov. 21 deadline nears to register online for Economic Impact Payment; Some people can claim special credit next tax filing season IR-2020-257, November 17, 2020 — The IRS today reminded anyone who doesn’t normally file a tax return that they have until […]
Colorado, Employment Law Blogs, HR News, Human Resources
Common errors to avoid when claiming employer tax credits
Hey Compliance Warriors! Employers who are filing Form 941, Employer’s Quarterly Federal Tax Return and claiming an employer tax credit should read the instructions carefully and take their time when completing the form to avoid mistakes. Read on… Issue Number: COVID Tax Tip 2020-157 Using a reputable tax preparer including certified public accountants, enrolled agents or other knowledgeable tax professionals can […]
HR News, Human Resources, Payroll
Breaking News: IRS Advises Taxpayers to Check Tax Withholdings Now
Hey Compliance Warriors! This week, the Internal Revenue Service reminded taxpayers that now is the perfect time to review their tax withholding and payments to avoid a surprise when filing next year. Read on…
HR News, Human Resources, Payroll, payroll law
Breaking News: Guidance issued to implement Presidential Memorandum deferring certain employee Social Security tax withholding
Hey Compliance Warriors! The Department of Treasury and Internal Revenue Service today issued guidance implementing the Presidential Memorandum issued on Aug. 8, 2020, allowing employers to defer withholding and payment of the employee’s portion of the Social Security tax if the employee’s wages are below a certain amount. Notice 2020-65, posted today on IRS.gov, makes relief […]
Hey Compliance Warriors! The Internal Revenue Service issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary. Read on…