Interest rates will remain the same for the first quarter of 2022 as they were in the last quarter of 2021, IRS recently announced. That means, as of Jan. 1, 2022, the rates remain: 2% for corporate overpayments0.5% for the…
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In November, the employee retention credit (ERC) ended suddenly and retroactively. As a result, employers that'd already reduced their employment tax deposits or received advance payments of the credit for the fourth quarter of 2021 faced uncertainty. Although the American…
Your team has just received more than an extra month to get one critical year-end return into employees’ hands. IRS just announced proposed regulations to grant an automatic extension for employee copies of Forms 1095-B and 1095-C. Those forms would…
Termination pay is riddled with potential problems, as a recent federal district court case shows. In Garcia v. Wal-Mart, an employee clocked in for work and a few minutes later was called into a meeting with his supervisor where he…
Has your department tapped Same Day ACH payments yet? This feature's popularity has grown quickly. Both transaction volume and value have spiked in the third quarter of 2021 versus the same period a year ago. So says the latest data…
Employers can no longer claim a tax credit on Form 941 for keeping workers on the payroll. In fact, a new law has discontinued the employee retention credit (ERC) retroactively. The Infrastructure Investment and Jobs Act, signed by President Biden…
The early bird gets fewer B-Notices! IRS has shared critical test and usage dates for its FIRE system for information returns. To make year-end as smooth as possible and avoid any unpleasant surprises down the road, you'll want to file…
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…
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…
