IRS Has Tips for Claiming ERC in 2021
The Internal Revenue Service has issued guidance aimed at employers who claim the employee retention credit (ERC).…
Emergency COVID Aid to Students Deemed Not Taxable
Students and their higher-education institutions are getting a clearer picture of how to report pandemic-related emergency financial aid grants. Or not.…
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Employee Retention Credit Updated by the American Rescue Plan
The sweeping American Rescue Plan Act of 2021 may have greenlit the third round of economic impact payments, but it also includes changes to several tax credits—many of which were designed to provide relief to struggling Americans whose finances took a hit during the pandemic. One of those affected tax credits helps both employees and businesses: the employee retention credit, or ERC.…
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Don’t Overlook Recent Changes to Retirement Plans
There are a lot of things vying for our attention these days: the coronavirus, vaccine opportunities, new Economic Impact Payments—all worthy topics. But when it comes to taxes, recent changes to retirement plan rules also shouldn’t go unnoticed.…
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IRS Reminds Employers About Repayment of Deferred Social Security Tax
The Internal Revenue Service yesterday released a COVID Tax Tip highlighting guidance for employers who deferred payment of their employee’s 2020 Social Security tax. Initially described by legislators as a “payroll tax holiday,” the agency reminds participating employers that they still have to pay deferred employee Social Security tax by the new deadlines.…
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The Employee Retention Credit Covered in New IRS Notice
Congress bookended 2020 with two taxpayer relief packages aimed at mitigating the financial strain caused by the ongoing coronavirus pandemic.…
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COVID and Retirement Funds: Options and Strategies
Let’s face it: The COVID-19 pandemic has wreaked havoc for millions of American families. Above and beyond the human toll is the damage done to family finances as people try to keep their heads above the rising floodwaters of unexpected medical costs, job losses, and business closures.…
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President Signs Second Coronavirus Stimulus, Direct Payments on the Way
The president signed H.R. 133, or the Consolidated Appropriations Act of 2021, on Sunday, December 27, greenlighting $900 billion in coronavirus relief for Americans.…
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IRS Investigators Make Big Advances in a Busy 2020
Fiscal Year 2020 was a very busy—and productive—year for the IRS’ Criminal Investigations unit. The just-released annual report for CI Division touts the unit’s identification of more than $10 billion in tax fraud and other financial crimes, despite the limitations of the COVID-19 pandemic.…
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Treasury Says SBA Has Simpler Forgiveness Application for Certain PPP Loans
The Treasury Department last week announced that the Small Business Administration is making it easier to request Paycheck Protection Program (PPP) loan forgiveness for loans that are $50,000 or less.…
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