New Guidance for All Employers Claiming the Employee Retention Credit for Q3 and Q4 of 2021

The Treasury Department and the Internal Revenue Service today issued further guidance on the employee retention credit, including guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and additional guidance on miscellaneous issues

Did You Take a Coronavirus Distribution (CVD) from One or More of Your IRAs in 2020? Find Out How to Avoid a Nasty Surprise Next Year!

Did you take a coronavirus distribution (CVD) of up to a combined limit of $100,000 from one or more of your traditional IRAs in 2020? You can recontribute the CVD amount(s) back into one or more traditional IRAs within three

Coronavirus Tax Relief: Dependent Care Assistance Programs for 2021 & 2022

The IRS issued guidance on the taxability of dependent care assistance programs for 2021 and 2022, clarifying that amounts attributable to carryovers or an extended period for incurring claims generally are not taxable. The guidance also illustrates the interaction of

Educators: Out-of-Pocket Expenses for COVID-19 Protective Items are Tax Deductible

Eligible educators can now deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. COVID-19 protective items include, but are not limited to: face masks; disinfectant for use against COVID-19; hand soap; hand sanitizer;

The IRS Begins Delivery of the Second Round of Economic Impact Payments

The Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of

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