With yesterday’s passage of the Omnibus Funding Bill by the U.S. Senate, expanded worker protections and more funding for anti-business regulatory agencies is that much closer to reality. By a vote of 69 – 29, the Senate passed the $1.7 trillion legislation and sent it to the U.S House for their consideration – and likely…
Read More »Thanks to a provision in the American Rescue Plan Act, which Congress passed back in 2021 without any Republican votes, small businesses and individuals will receive millions of new tax forms in the coming months from Payment Settlement Entities (PSEs). Beginning in 2023 (for 2022 tax purposes), PayPal, Venmo and online marketplaces that connect buyers…
Read More »Toward that end, President Biden has officially nominated a new Commissioner to head up the Internal Revenue Service (IRS). The name of Danny Werfel, the head of Boston Consulting Group’s global public sector practice, was sent to the US Senate for confirmation as the new IRS Commissioner. If confirmed by the Senate, Werfel will take…
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The Employee Retention Credit is designed to reward businesses – like your Dunkin’ shop – that adapted to COVID, stayed in business and kept people employed during the pandemic. And that reward is real money – in the form of checks from the IRS up to $26,000 per full-time employee! Surprisingly, many business still haven’t…
Read More »Earlier this week, the Internal Revenue Service (IRS) released a final rule changing the way health care insurance affordability is determined for coverage of an employee’s family members. Beginning with the 2023 Plan Year, if an employee has an offer of employer-sponsored coverage that extends to the employee’s family members, the affordability of that offer…
Read More »Earlier this week, the Internal Revenue Service (IRS) acknowledged and reaffirmed that taxpayers in certain situations are entitled to penalty relief when they can show reasonable cause and not willful neglect for the failure to pay. The issue, which largely stemmed from the Employee Retention Tax Credit (ERTC) and the ongoing backlog of tax returns,…
Read More »The Internal Revenue Service (IRS) has issued guidance for employers regarding the retroactive termination of the Employee Retention Tax Credit (ERTC). As you know, when it was first introduced as a part of the CARES Act back in 2020, the ERTC applied only to 2020 as it was scheduled to sunset on December 31, 2020.…
Read More »A few weeks ago, the Internal Revenue Service (IRS) released its much-anticipated guidance on an individuals premium costs and an employers tax breaks for continuation of COBRA coverage. Among the provisions in President Biden’s American Rescue Plan Act of 2021 (ARPA) is a temporary 100% reduction in an individual’s COBRA health coverage premium following either…
Read More »We just detailed two costly programs initiated specifically to help businesses get back on their feet and now having exhausted all available funding. The financial assistance was crucial for some to keep their doors open and others to keep staff on the payroll. Now that all that largesse has largely been expended, we get the…
Read More »A couple of months ago, the Internal Revenue Service (IRS) announced a one-month postponement of the filing deadline for individual taxpayers to file their 2020 tax returns to May 17. That date is Monday, and taxpayers should be prepared to file their returns or an extension by the end of the business day. In addition,…
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