Taxes

Businesses, charities, others with Employer Identification Numbers must update responsible party information within 60 days of any change

WASHINGTON – Calling it a key security issue, the Internal Revenue Service urged those entities with Employer Identification Numbers (EINs) to update their applications if there has been a change in the responsible party or contact information. IRS regulations require EIN holders to update responsible party...

27 August, 2021

Things people do during the summer that might affect their tax return next year

It's summertime and for many people, summertime means change. Whether it’s a life change or a typical summer event, it could affect incomes taxes. Here are a few summertime activities and tips on how taxpayers should consider them during filing season. Getting married Newlyweds should report any...

20 August, 2021

Treasury, IRS provide gross receipts safe harbor for employers claiming the Employee Retention Credit

WASHINGTON – The Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued a safe harbor allowing employers to exclude certain items from their gross receipts solely for determining eligibility for the Employee Retention Credit (ERC). Revenue Procedure 2021-33 provides a safe harbor permitting employers...

13 August, 2021

Treasury, IRS provide additional guidance to employers claiming the employee retention credit, including for the third and fourth quarters of 2021

WASHINGTON – The Treasury Department and the Internal Revenue Service 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...

06 August, 2021

Employers should choose their payroll service provider carefully to protect against fraud

When hiring a company to handle payroll and payroll tax, employers should carefully choose their payroll service provider. This can help a business avoid missed deposits for employment taxes and other unpaid bills. Most of these businesses provide quality service but there are some who don't...

30 July, 2021

IRS extends tax relief for employer leave-based donation programs that aid victims of the COVID-19 pandemic

WASHINGTON – The Internal Revenue Service 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. Notice 2021-42 provides that cash payments employers make to charitable organizations that provide...

23 July, 2021

Errors employers should avoid when requesting advance payment of employer credits

Employers who are filing Form 7200, Advance Payment of Employer Credits Due to COVID-19 should read the instructions carefully and take their time when completing this form to avoid mistakes. Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals –...

16 July, 2021

Looking ahead: How the American Rescue Plan affects 2021 taxes, part 2

This is the second of two tax tips providing an overview of ways the American Rescue Plan may affect some people’s 2021 taxes. Part 1 is available on IRS.gov. Changes expanding EITC for 2021 and beyond New law changes expand the EITC for 2021 and future years....

09 July, 2021

Texas Workforce Commission Finally Issues 2021 Unemployment Tax Rates

Dear Texas Client, Due to the unprecedented Pandemic that has affected individuals and businesses alike since last year, the Texas Workforce Commission (TWC) delayed the annual issuance of state unemployment tax rates from December 2020 to June 2021. This delay allowed Texas time to consider and implement legislation...

02 July, 2021

IRS Updates Form 7200: Advance Payment of Employer Credits Due to COVID-19

The IRS released an updated Form 7200, Advance Payment of Employer Credits Due to COVID-19, on May 18, 2021. The form was developed so employers could get new tax credit refunds paid in advance. IRS Note: At the time Form 7200 and these instructions went to...

26 May, 2021