2021 – 01/06 A valuable employer tax credit is extended, but modified, for 2021. Under the Families First Act, certain employers were obligated to provide paid sick and family leave to employees affected by COVID-19 from April through December 2020. Employers who provided such leave then qualified for refundable employment tax credits to help mitigate the cost. The Consolidated Appropriations Act, signed into law in December, extends the availability of those credits through March 31, 2021, for voluntarily provided paid sick and family leave, but it removes the requirement for employers to offer such leave. Contact us with questions, or learn more here:
Similar Posts
Divorcing business owners need to pay attention to tax implications
If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and your marital property will include all or part of it. Transferring property tax-free You can generally divide most…
Business Travel Deductions: What Has Changed?
2019 – 11/27 The Tax Cuts and Jobs Act (TCJA) resulted in changes for some business travelers. The IRS has issued guidance in Revenue Procedure 2019-48 for these travelers and their employers to clarify the changes. The TCJA suspended the miscellaneous itemized deduction employees could take for unreimbursed expenses, but self-employed persons and certain employees…
Do your long-term customers know everything about you?
A technician at a mobility equipment supplier was servicing the motorized wheelchair of a long-time customer and noticed it was a brand-new model. “Where did you buy the chair?” he asked the customer. “At the health care supply store on the other side of town,” the customer replied. The technician paused and then asked, “Well,…
Advance Premium Tax Credit
2020- 12/18 The IRS announced that the U.S. Centers for Medicare & Medicaid Services (CMS), which verifies if an individual is eligible for payment of the advance premium tax credit (APTC), is deferring the verification process until early 2021. Individuals who are automatically re-enrolled in the Federal Health Insurance Exchange plan through HealthCare.gov will continue…
Where’s My Refund?
2019-07/10 Taxpayers who got an extension and recently filed their 2018 tax returns may be spending their summer days waiting for a refund to appear. If that’s you, you can easily check the status of your refund on the IRS.gov “Where’s My Refund?” page: Or use this IRS app: You’ll need your Social…
May 2017 tax compliance calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of May 2017. May 1 Employers. File Form 941 for the first quarter of 2017 for…