taxes Tag

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

The Three Most Common Payroll Mistakes Churches Make

Payroll and taxes are usually a confusing topic for businesses who can easily find themselves in trouble with the IRS if payroll taxes are not reported correctly. For churches and places of worship, payroll taxes can be especially tricky due to the dual-tax status of...

03 November, 2020

Using The Tax Withholding Estimator Will Help Taxpayers Avoid Surprises Next Year

Using the IRS Tax Withholding Estimator can help taxpayers have the right amount of tax withheld and avoid surprises when filing next year. Income taxes are pay-as-you-go. By law, taxpayers are required to pay most of their tax as income is received. There are two ways...

01 October, 2020

Here’s What Taxpayers Need To Know About The Home Office Deduction

The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return...

04 September, 2020

Guidance Issued To Implement Presidential Memorandum Deferring Certain Employee Social Security Tax Withholding

WASHINGTON – 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...

31 August, 2020