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Employers can withhold, make payments of deferred Social Security taxes from 2020
The Internal Revenue Service today released Notice 2021-11 PDF addressing how employers who elected to defer certain employees' taxes can withhold and pay the deferred taxes throughout 2021 instead of just the first four months of the year. In response to a presidential memorandum signed August 8, 2020, Notice 2020-65 was issued on August 28, 2020, giving employers the option to defer certain employees' Social Security taxes from September 1, 2020, to December 31, 2020.
Employee Retention Credit Under COVID-19 Relief
Here is a recap of the Employee Retention Credit under the CARES Act and the higher-impact modifications under the latest COVID-19 Relief Package.
Connecticut Joins NH Remote Work Income Tax Case
A question on the mind of every accountant and tax attorney since the coronavirus pandemic started is the subject of a lawsuit now before the U.S. Supreme Court. New Hampshire is challenging a Massachusetts measure that continues to tax nonresidents that formerly commuted to work in the Bay State, but now work from home because of the pandemic.
Labor Department's independent contractor rule may not stand for long
The U.S. Department of Labor’s new rule for defining an employee vs. an independent contractor is likely to be challenged in the incoming Biden administration as well as court, but it does provide some helpful guidance for companies struggling with how to adapt to the new gig economy.
Eligible Paycheck Protection Program expenses now deductible
Revenue Ruling 2021-02 PDF, reflects changes to law contained in the COVID-related Tax Relief Act of 2020, enacted as part of the Consolidated Appropriations Act, 2021 (Act), Public Law 116-260, which was signed into law on December 27, 2020.
Labor Department finalizes rule on employee vs. independent contractor status
The U.S. Department of Labor issued a final rule Wednesday to clarify the standard for determining whether a worker should be considered an employee or an independent contractor. The rule is one of many contentious regulations that the Trump administration has been rushing to finalize in its waning days and is likely to have an impact on labor relations, pay scales and benefits for workers. It also has an impact on the taxes they pay and whether taxes need to be withheld from their...
Economic Impact Payments on their way, visit IRS.gov instead of calling
The IRS and the Treasury Department began issuing a second round of Economic Impact Payments, often referred to as stimulus payments, last week.
2021 standard mileage rates decrease
The optional standard mileage rates for business use of a vehicle will decrease once again in 2021 after increasing significantly in 2019, the IRS announced in Notice 2021-02. For business use of a car, van, pickup truck, or panel truck, the rate for 2021 will be 56 cents per mile after decreasing to 57.5 cents per mile in 2020, down from 58 cents per mile in 2019. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.
CPA Firms Mobilizing to Support $900 Billion COVID Relief Bill Signed into Law
With last night’s enactment of the emergency Coronavirus Relief Package that includes renewed PPP funds and related assistance, new regulations will be in place early in the new year, according to the AICPA and its business and technology arm, CPA.com.
Guidance for single audits provided in OMB compliance addendum
Practitioners who perform single audits received some deadline relief along with important information needed to complete their engagements.