IRS

WASHINGTON — Victims of this month'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...

The tax law contains many dollar amounts that are adjusted annually for inflation. The IRS recently released the 2021 cost-of-living adjustments (COLAs) for payroll-related items [Rev. Proc. 2020-45, 2020-46 I.R.B. 1016 (11/9/2020); Rev. Proc. 2020-43, 2020-45 I.R.B. 991 (11/2/2020)]. Separately, the IRS announced the 2021...

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...

Each year, the Internal Revenue Service issues a new W-4. the form was radically re-designed in 2020 to make withholdings more accurate, with only minor changes between the 2020 and the 2021 forms. Taxpayers who fill out the 2021 form are less likely to wind up...

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 -...

The IRS has announced the dollar limitations for pension plans and other retirement-related items for the 2021 tax year. Several limitations are higher than in 2021 due to cost-of-living adjustments. Elective deferrals. The limitation on the exclusion for elective deferrals under Code Sec. 402(g)(3) will...

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...

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,...

On June 19, the IRS posted a new version of Form 941 (Employer's Quarterly Federal Tax Return).  It will be used beginning with the second quarter return (April 1 to June 30) that must be filed by July 31 (August 10 for employers that made timely...