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Tag: COVID-19 taxes

COVID-19 / Tax

IRS: Cost of Home Testing for COVID-19 is Eligible Medical Expense; Reimbursable Under FSAs, HSAs

From IRS.gov: The Internal Revenue Service reminds taxpayers that the cost of home testing for COVID-19 is an eligible medical expense that can be paid or reimbursed under health flexible …

COVID-19 / Tax

All Employers: New Guidance on Reporting Qualified Sick and Family Leave Wages on Form W-2

The Treasury Department and the Internal Revenue Service issued Notice 2021-53, which provides guidance to employers about reporting on Form W-2 the amount of qualified sick and family leave wages paid …

Accounting / COVID-19 / Tax

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 …

Accounting / COVID-19 / Tax

Reminder for All Eligible Employers: Take Advantage of the COVID-19 Paid Leave Credit!

The IRS has updated its frequently asked questions (FAQs) on the paid sick and family leave tax credits under the American Rescue Plan Act of 2021 (ARP). The updates clarify that eligible …

Accounting / COVID-19 / Tax

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 …

Accounting / COVID-19 / Tax

What Made the Cut in the New COVID Stimulus Bill?

After months of debate, the next COVID-19 stimulus bill has been finalized. President Biden signed the bill into law on Thursday. One very conspicuous absence is the measure to increase …

COVID-19 / Tax

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 …

COVID-19 / Tax

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 …

COVID-19

What’s in the Proposed Coronavirus Relief and Omnibus Spending Bills?

Congress is on the verge of passing the next Coronavirus Relief bill and a large Omnibus Spending bill after months of gridlock. The two bills come in at $2.3 trillion, …

Tax

COVID-19 Relief: The IRS Goes Easy on Taxpayers Who Owe Back Taxes

Are you one of the over 11 million Americans who owe the IRS back taxes? The IRS temporarily suspended most collection efforts during the first wave of the coronavirus pandemic …

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