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American Rescue Plan Tax Credits Available to Small Employers to Provide Paid Leave to Employees Receiving COVID-19 Vaccines
The Internal Revenue Service and the Treasury Department announced further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations. Click Here for More...
IRS Provides Guidance for Employers Claiming the Employee Retention Credit for First Two Quarters of 2021
The Internal Revenue Service has issued guidance for employers claiming the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act). Notice...
Biden Signs PPP Deadline Extension Into Law
The deadline to apply for a Paycheck Protection Program (PPP) loan was formally extended Tuesday when President Biden signed the PPP Extension Act of 2021, H.R. 1799 into law. The popular program established by the CARES Act, which was created to help small businesses...
IRS Extends Additional Tax Deadlines for Individuals to May 17
The Internal Revenue Service announced that individuals have until May 17, 2021, to meet certain deadlines that would normally fall on April 15, such as making IRA contributions and filing certain claims for refund. This follows a previous announcement from the IRS on...
Tax Day for Individuals Extended to May 17: Treasury, IRS Extend Filing and Payment Deadline
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the...
IRS Begins Delivering Third Round of Economic Impact Payments to Americans
The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week. Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some...
SBA Issues New PPP Calculation Option For Self-Employed Taxpayers
The U.S. Small Business Administration (SBA) issued a new Paycheck Protection Program (PPP) interim final rule allowing self-employed individuals who file Schedule C, to calculate their maximum loan amount using gross income rather than net income. This new rule...
IRS Provides Guidance for Employers Claiming the Employee Retention Credit for 2020, Including Eligibility Rules for PPP Borrowers
The Internal Revenue Service issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act), for...
New Law Provides Additional Flexibility for Health FSAs and Dependent Care Assistance Programs
Employers may allow participants to carry over unused amounts The Internal Revenue Service provided greater flexibility, due to the pandemic, to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs....
2021 Wisconsin Acts 1 & 2
Gov. Tony Evers today signed Assembly Bill 2, now 2021 Wisconsin Act 1, providing approximately $450 million in tax relief to Wisconsin businesses and $30 million more in tax relief to low-income families by adopting federal changes to align state tax law. Most...