IRS increases mileage rates for the remainder of 2022
The IRS provides some relief amid rising gas prices with an optional increase to the standard mileage rate for business travel.
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Congress open to considering a pause on automated tax notices
National Taxpayer Advocate, Erin Collins, recommends the IRS pause automated collection notices. Congress may consider the recommendation.
IRS releases guidance on Q4 removal of employee retention credit
Employers need to react quickly to the new guidance to pay in amounts as if they were incurred on Dec. 31, 2021.
IRS releases 2022 retirement plan limitations
The IRS has released its annual cost-of-living adjustments for retirement plan limits, effective Jan. 1, 2022.
Digital assets targeted for substantial tax hikes
The Ways and Means Committee proposed legislation targeting digital assets to increase tax revenue via wash and constructive sales rules.
Taxpayer Advocate Service struggles with a backlog of cases
Taxpayer Advocate Service is wrestling with a backlog of cases trying to navigate the changing environment of the pandemic.
IRS issues employee retention credit gross receipt exclusion procedure
Rev. Proc. 2021-33 allows exclusion of PPP, restaurant revitalization and shuttered venue operator grants from ERTC gross receipts test.
IRS enhances employee retention credit guidance for open questions
Notice 2021-49 provides answers on previously uncertain issues and addresses changes implemented in the American Rescue Plan Act.
Paid leave for employees impacted by COVID-19 in 2021
Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.
IRS updates its Employee Plans Compliance Resolution System (EPCRS)
EPCRS is a summary of the rules that the IRS uses to assist employers in correcting retirement plan mistakes without disqualifying the plan.
SBA formally withdraws loan necessity questionnaire
Small Business Administration, in light of lawsuit, notifies PPP lenders that loan necessity questionnaire is withdrawn.
IRS extends relief for leave-based donation programs
Notice 2021-42 provides guidance for cash payments from foregone vacation, sick or personal leave made by employers to charities.
President Biden unveils his American Families Plan
Biden’s plan to grow the middle class, expand economic growth to all Americans and leave the US more competitive funded with tax changes.
Paid leave for employees impacted by COVID-19 in 2021
Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.
ASC 740: Q1 2021 Provision Considerations
A roundup of recent tax law changes and other income tax provision considerations for the first quarter of 2021.
IRS expands filing and payment deadline extension
This Alert describes and explains the postponement of certain federal tax filing and payment deadlines in IRS Notice 2021-21.