Thanks to the pandemic, reps at IRS may have been tough to reach for Finance pros. Regular phone calls may not have cut it for certain tax-related situations. But now there’s good news: The agency allows virtual video meetings between…
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December is fast approaching, and IRS has some important year-end updates your finance team needs. Both Accounts Payable and Payroll will need to be aware of these. And the sooner the better! 1. Updated process to set up e-file for…
Good news: Your company can continue to rely on an electronic signature for many different tax forms through the end of the year. IRS recently extended the use of electronic and digital signatures on many tax forms until Dec. 31,…
IRS just announced it will hold fourth quarter interest rates steady for federal tax payments. According to Revenue Ruling 2021-17, your interest rates as of October 1 will be: 2% for overpayments0.5% for the portion of a corporate overpayment exceeding…
Need to fix issues with your employee retirement plan? IRS just updated its procedures on retirement plan corrections. The changes to the Employee Plans Compliance Resolution System (EPCRS) get spelled out in Revenue Procedure 2021-30. Staying in compliance So your…
UPDATE: Your company was just given two more months to submit and certify your EEO-1 reports. The Equal Employment Opportunity Commission (EEOC) has extended the deadline yet again. Reports for 2019 and 2020 are now due Monday, Oct. 25. The…
Your company can now exclude certain things from gross receipts when determining if you're eligible to claim the Employee Retention Credit (ERC). IRS Revenue Procedure 2021-33 spells out a new safe harbor for employers. Here’s the scoop. What will earn…
Though it’s been three years since states gained the ability to tax online sales, some are still toying with their economic nexus thresholds. The latest state to do so: Maine. As of now, remote sellers must collect sales tax if…
UPDATE: You’ve just been given more time to keep your coronavirus leave donation program running. IRS extended the allowance of donations of vacation, sick or personal leave through a leave-based donation program through the end of 2021 in IRS Notice…
Time to take a new step to ensure employees remain retirement ready, courtesy of a new federal 401(k) disclosure rule. And to help, the Department of Labor (DOL) just released new FAQs that spell out the timing of its execution,…
Tell your finance team to get ready! Companies of all sizes will have to prepare for a lower e-filing threshold. IRS recently proposed regulations to change the rules for filing information returns, effective as soon as this year-end. Right now,…
There’s new information available for your finance team about the forthcoming 1099 platform for preparing and filing returns. The Electronic Tax Administration Advisory Committee (ETAAC) recently released a new report on how the Service can improve its practices. And in…
