Category: IRS Updates

2021 IRS Employee Retention Credit Changes/Updates

On April 2, 2021, the Internal Revenue Service (IRS) published Notice 2021-23 to provide guidance for employers claiming the employee retention credit (ERC) for the first two quarters of 2021. The ERC was originally created by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and has since been modified and extended by other […]

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IRS Extends 2021 Tax Deadlines

Ongoing Pandemic Affects Tax Deadline On March 29, 2021, the Internal Revenue Service issued Notice 2021-21, which extends tax deadlines for filing Form 1040 series returns and other deadlines to May 17, 2021. The Notice, issued as a result of the ongoing COVID-19 pandemic, follows a prior IRS extension (also to May 17, 2021) of […]

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Congress Passes Extention of the PPP

PPP Extension moves beyond March 31. Congress has passed the PPP Extension Act of 2021, a 60-day extension of the U.S. Small Business Administration’s (SBA) Payment Protection Program (PPP), which was set to expire on March 31. The bill will be sent to President Joe Biden shortly, who is expected to sign the extension before […]

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Podcast: Are You Eligible For Employee Retention Tax Credits?

Under the Consolidated Appropriations Act, 2021, the employee retention credit, a provision of the CARES Act, is available through June 30, 2021 to eligible employers who retained employees during the COVID-19 pandemic. The IRS issued guidance in early March for the credit as it relates to qualified wages paid before Dec. 31, 2020. Find out more about this in this detailed article and Podcast.

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House Passes $1.9 Trillion COVID-19 Economic Relief Bill

(Updated information will continue to be provided as details are made public.) The House of Representatives has passed its version of President Joe Biden’s proposed stimulus bill, which includes extended unemployment benefits, direct checks to individuals and more. The bill is now with the Senate, where some provisions will likely change. Democrats hope to pass […]

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Updated IRS FAQs on Form W-4

The IRS released a new Form W-4 on December 5, 2020. All of your employees must complete this form, the Employee’s Withholding Certificate, in order to begin employment. We answer some frequently asked questions for employers as well as employees about the new form.

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2021 ACA Reporting Deadlines

Affordable Care Act reporting deadlines for the 2020 calendar year are due in early 2021. Learn about this, furnishing deadlines, and penalties for not meeting requirements.

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PCORI fee increases in 2021.

The IRS is raising the fee that insurers or self-insured health plan sponsors will pay in 2021 to fund the federal Patient-Centered Outcomes Research Institute (PCORI) trust fund. The fee will be $2.66 per plan enrollee, up from $2.54 for the 2020 plan year, according to Notice 2020-84, which the IRS issued on Nov. 24, 2020. The […]

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This 2020 HR Checklist Helps End The Year In Compliance

Out with 2020, in with the new year. In many ways, the final weeks of the year can be a little less demanding for most employees—a season of office parties, celebratory staff lunches, and vacation time. However, it’s one of the busiest periods for HR professionals. Before we can ring in 2021, we have to […]

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IRS 2021 Retirement Plan Limits

IRS Announces 2021 Retirement Plan Limits The Internal Revenue Service (IRS) has released Notice 2020-79, containing cost-of-living adjustments for 2021 that affect amounts employees can contribute to 401(k) plans and IRAs, most of which remain unchanged. Key limits that remain unchanged include the following: The employee contribution limit for 401(k) plans will remain $19,500. The […]

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IRS Relief for 2020 ACA Reporting

Details on IRS Transition Relief for 2020 ACA Reporting On Oct. 2, 2020, the Internal Revenue Service (IRS) issued Notice 2020-76 to: Extend the due date for furnishing forms under Sections 6055 and 6056 for 2020 from Feb. 1, 2021, to March 2, 2021; and Provide a final extension of good-faith transition relief from penalties […]

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On W-2 Employers Must Report Pay for FFCRA Leave

Employers are required to report the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act (FFCRA) on Form W-2, according to guidance from the IRS and the U.S. Treasury Department. The guidance was provided in Notice 2020-54, issued by the agencies on July 8, 2020. How […]

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COVID-19 IRS Deadline Extension Form 5500

IRS Notice 2020-23 extends the Form 5500 filing deadline for ERISA-covered retirement and welfare plans that have an original or extended filing deadline on or after April 1, 2020, and before July 15, 2020. These plans have until July 15, 2020, to file their Forms 5500.

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Ringing in a New W-4 Form for 2020!

Thanks to the Tax Cuts and Jobs Act, the IRS has released a new W-4 Form for 2020 called the “Employee’s Withholding Certificate.” Learn more about the changes with the form.

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ALERT: ACA Reporting Deadlines Approaching

Form 1095-C Due to Employees by March 4 All Applicable Large Employers (ALEs) must comply with 2018 Affordable Care Act (ACA) filing requirements according to Internal Revenue Service deadlines. The IRS deadline for providing 2018 health coverage 1095-C forms to employees is March 4, 2019. Other crucial ACA filing deadlines include filing Forms 1095-C and […]

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PCORI Fee Deadline Nears

The Patient-Centered Outcomes Research Institute (PCORI) fee was created to help fund research that provides patients, caregivers, employers and policy makers information to make more informed health decisions. The fee is effective for 2012-2019. The PCORI fee is the responsibility of the insurer. The insurer must file the IRS Form 720 and pay the fee […]

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IRS Releases Updated 2018 Form W-4

The IRS has issued the updated 2018 Form W-4.  The IRS previously stated that taxpayers can continue to use the old 2017 Form W-4 for 30 days after the new form was issued.  The new Form W-4 was designed to take into account the changes made by the new tax law passed in late 2017. Some […]

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