IRS Extends Tax Filing Deadline

On Wednesday of this week, the Internal Revenue Service along with the U.S. Department of Treasury announced that the filing deadline for individual taxpayers has been extended for an additional month, to May 17, 2021. The extension only applies to individual taxpayers – not business taxes – and is automatic and therefore does not require…

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COBRA Rules Changed

Some of the provisions in the COVID Relief bill make significant short-term changes to the rules governing the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). Specifically, the legislation, which President Biden will sign into law today, allows individuals eligible for coverage under COBRA to maintain their employer-sponsored coverage after a layoff, furlough or reduction…

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IRS Delays Start of Filing Season

The Internal Revenue Service (IRS) announced last week that it was delaying the start of the 2020 tax filing season until February 12, at which time the agency will begin accepting and processing tax returns for 2020. Tax filing season usually begins in late January, but in deference to the recent passage of the latest…

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IRS Issues Guidance on Deferred Payroll Taxes

For employers who may have chosen to defer the withholding of the employee share of social security payroll taxes, there is a new guidance available. The Treasury Secretary was directed to authorize the deferral by a presidential memorandum issued by President Trump on August 8 and finalized the deferral of the employee share from September…

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IRS Increases Retirement Limits for IRA & 401K Plans

In response to the coronavirus pandemic wreaking havoc on the US economy, the Internal Revenue Service (IRS) earlier this year implemented an easing of the rules governing Individual Retirement Accounts and various other (401k, 403, 403b, etc.) retirement plans. This week, the agency announced the inflation-adjusted figures and extended many of the enhanced contribution limits…

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DOL Webinar Series

The US Department of Labor Wage & Hour Division will present the final webinar in its series, “Navigating COVID-19: A Virtual Guide for the Employment Community” at 1:00 PM CDT next Tuesday, July 28. In conjunction with the Internal Revenue Service  (IRS), Equal Employment Opportunity Commission (EEOC) and the Small Business Administration (SBA), this 1-hour…

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Upcoming Webinars

The US Department of Labor (DOL) has a couple of webinars scheduled over the next couple of weeks that will be very beneficial for many.  Coordinating with both the Internal Revenue Service (IRS) and the Small Business Administration (SBA) DOL will present “Navigating COVID-19: A Virtual Guide for the Employment Community” at 2:00 PM CDT…

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No Further Extensions of Tax Day

The Department of Treasury and the Internal Revenue Service this week put an end to any further speculation that the government may delay again the July 15 due date for filing 2019 tax returns and payment of 2019 taxes owed. The IRS will not further extend the tax filing and payment deadline past July 15,…

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IRS Clarifies ERTC as Tax Day Approaches

Last Saturday, the Internal Revenue Service (IRS) revised some of the FAQs on the Employee Retention Tax Credit clarifying a number of provisions relating the maximum amounts of an eligible employer’s ERTC, qualified wages and determining allocable qualified health plan expenses among others. In addition, the agency announced that it will be re-opening all of…

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DOL, IRS Extend COBRA Deadlines

The US Department of Labor (DOL) and the Internal Revenue Service (IRS) earlier this month issued a Joint Rule extending certain time frames for group health plans and other welfare and pension plans. In accordance with this latest Rule, plans must disregard the period from March 1, 2020 until 60 days after the announced end…

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