IRS

Victims Of Texas Winter Storms Get IRS Deadline Extensions and Other Tax Relief

WASHINGTON — Victims of February's winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced. Following the recent disaster declaration issued by the Federal Emergency Management Agency (FEMA), the IRS...

05 March, 2021

New IRS Form Available For Self-Employed Individuals To Claim COVID-19 Sick and Family Leave Tax Credits Under FFCRA

WASHINGTON – The Internal Revenue Service recently announced that a new form is available for eligible self-employed individuals to claim sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA). Eligible self-employed individuals will determine their qualified sick and family leave equivalent tax credits...

22 February, 2021

Upcoming Upgrade of Asure Evolution Classic Platform

To Our Esteemed Payroll Clients, We are pleased to announce the upcoming upgrade of our Asure Payroll and Tax- Classic (formerly Evolution Classic) platform to 64-bit. This upgrade offers significantly improved performance and stability. This first release concerns servers only. At this time, you do not need...

20 January, 2021

IRS Takes Non-Employee Compensation Out of 1099-MISC: New Form 1099-NEC

The 1099-NEC is used strictly for reporting independent contractor payments of $600 or more in the course of your trade or business. You will still be required to use the 1099-MISC for such items as royalties, rent, and healthcare payments. What’s old is new again -...

10 November, 2020

Taxpayers can get last minute filing tips on IRS.gov

The July deadline for filing a 2019 tax return is near, but IRS tax help is available 24 hours a day on IRS.gov. Whether filing a tax return, requesting an extension or making a payment, the IRS website can help taxpayers answer most questions and...

09 July, 2020

IRS Expands CARES Act Tax Breaks On Retirement Plan Distributions, Loans

The IRS expanded the number of taxpayers who qualify to tap into their retirement plans using the generous provisions of the CARES Act. The IRS also answered questions about details of distributions and loans under the CARES Act that have been asked by employers, employees,...

30 June, 2020

Treasury, IRS issue final regulations providing relief for certain tax-exempt organizations

The Department of the Treasury and the Internal Revenue Service issued final regulations clarifying the reporting requirements generally applicable to tax-exempt organizations. The final regulations reflect statutory amendments and certain grants of reporting relief announced by the Treasury Department and the IRS in prior guidance to...

04 June, 2020

IRS People First Initiative Provides Relief to Taxpayers

Due to COVID-19, the IRS is providing relief on a variety of issues as part of the People First Initiative. The IRS is modifying certain activities through the filing and payment deadline, Wednesday, July 15, 2020. Here’s what people need to know about relief related...

28 May, 2020

IRS Notice clarifies deductibility of the Paycheck Protection Program’s small business loans

IRS Notice 2020-32 provides guidance regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer's trade or business when the taxpayer receives a loan pursuant to the Paycheck Protection Program. The guidance clarifies a point of confusion in...

18 May, 2020

IRS provides tax relief through increased flexibility for taxpayers in section 125 cafeteria plans

WASHINGTON –The Internal Revenue Service on May 12th released guidance to allow temporary changes to section 125 cafeteria plans. These changes extend the claims period for health flexible spending arrangements (FSAs) and dependent care assistance programs and allow taxpayers to make mid-year changes. The guidance issued...

14 May, 2020

IRS