When President Biden signs the $1 trillion bipartisan infrastructure bill on Monday, the media will focus on the billions for earmarked for highway, rail, port, broadband and other infrastructure upgrades, but there will likely not be many mentions of the Employee Retention Tax Credit (ERTC). Despite the popularity of the ERTC, Congress ended the bill…
Read More »Earlier in September, the US Department of the Treasury and the Internal Revenue Service issued updated guidance providing information for employers on how to report on Form W-2 the amount of qualified sick and family leave wages paid to employees for leave taken in 2021. Notice 2021-53 provides guidance under recent coronavirus legislation including the…
Read More »A recent guidance issued by the Internal Revenue Service and the US Treasury specifies that businesses may not deduct costs covered by Paycheck Protection Program loans if they expect their debt to ultimately be forgiven, a decision that stands to impact the 2020 tax filings of small business owners in particular. The recently released guidance…
Read More »Last Friday, the Internal Revenue Service (IRS) along with the U.S. Department of the Treasury published a new guidance relating deferral of the employee share of payroll taxes for social security. The guidance (Notice 2020-65) provides that an employer choosing to defer the payment of employee payroll taxes between now and the end of the…
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