IRS Tag

The IRS has released a draft of the 2021 employer’s tax guide. The publication covers many new payroll-related issues summarized below.  COVID-19 Employment Tax Credits, Relief The Families First Coronavirus Response Act (FFCRA), enacted on March 18, 2020, provides certain employers with tax credits that...

What will 2021 bring us? After a year of turmoil and surprises, no one has a clear crystal ball. But there are some certainties, and one is that the federal government is changing a variety of number affecting the finances of businesses and individuals.  First, any...

There are things taxpayers can do before the end of the year to help them get ready for the 2021 tax filing season. Below are a few of them: Donate to charity   There is still time to make a 2020 donation. Taxpayers who don't itemize deductions may take...

Instructions for Employers   On August 8, 2020, a Presidential Memorandum was issued, directing the Secretary of the Treasury to use his authority pursuant to section 7508A of the Internal Revenue Code to defer the withholding, deposit, and payment of certain payroll tax obligations. In response to...

WASHINGTON — The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79, posted on IRS.gov. Highlights of changes for 2021   The income ranges for determining eligibility to make deductible contributions to traditional Individual...

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...

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...