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…
News
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…
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…
