employee retention credit

Employer Leave-Based Donation Programs Are Extended

July 12, 2021

The IRS is extending the tax relief for employer leave-based donation programs aiding victims of the COVID-19 pandemic that was previously provided in Notice 2020-46. The relief offered in response to the COVID-19 pandemic is now extended through December 31, 2021. Under Notice 2021-42, leave-based donation programs are cash payments employers make to charitable organizations…

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tax deadline

Tax Calendar: Key Deadlines for Businesses and Other Employers in Q3 2021

June 17, 2021

Here are some of the key tax-related deadlines impacting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. August 2 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay…

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tax faqs

Frequently Asked Questions on Tax Credits from the American Rescue Plan

June 15, 2021

The IRS released frequently asked questions regarding claiming credits under the American Rescue Plan. The FAQs provide details on the child and dependent care credit and the paid sick and family leave credit. Child and dependent care credit For 2021, eligible taxpayers can claim qualifying work-related expenses up to: $8,000 for one qualifying person, up…

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Business Meal and Vehicle Expenses

Recordkeeping Tips for Business Meals and Vehicle Expenses

June 9, 2021

If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. Taxpayers may have incomplete documentation or try to create records months (or years) later, and, in doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at finding inconsistencies,…

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balance-due notices

Taxpayers Who Paid Taxes on Unemployment Compensation Receiving Refunds

June 7, 2021

The IRS began issuing refunds this week to taxpayers who paid taxes on unemployment compensation. The IRS has strived to correct unemployment compensation overpayments, which is expected to help affected taxpayers avoid filing an amended tax return. Approximately 13 million taxpayers are expected to receive refunds, which will be issued periodically, and some will have…

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IRS tax guidance

Interest Rates for Q3 2021

June 1, 2021

The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning July 1, 2021. The rates will be: 3% for overpayments (2% in the case of a corporation), 5% for the portion of a corporate overpayment exceeding $10,000, 3% for underpayments and 5% for large corporate underpayments. For taxpayers…

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