IRS issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Notice 2021-23 explains the changes for the first and second calendar quarters of 2021, including: the increase in the maximum credit amount the expansion of the category of employers that may be eligible to claim the credit modifications to […]

WASHINGTON — The American Rescue Plan Act of 2021 suspends the requirement that taxpayers increase their tax liability by all or a portion of their excess advance payments of thePremium Tax Credit (excess APTC) for tax year 2020. A taxpayer’s excess APTC is the amount by which the taxpayer’s advance payments of the Premium Tax Credit (APTC) exceed his or her Premium Tax Credit (PTC).      The Internal Revenue Service announced […]

Businesses can temporarily deduct 100% beginning Jan. 1, 2021 WASHINGTON – The Treasury Department and the Internal Revenue Service today issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages. The temporary exception allows a 100% deduction for food or beverages from restaurants. Beginning […]

Inside This Issue IRS provides guidance for employers claiming the Employee Retention Credit for first two quarters of 2021 Free workshop helps small business owners understand and meet tax obligations The IRS to recalculate taxes on unemployment benefits; refunds to start in May IRS, Treasury disburse more Economic Impact Payments under the American Rescue Plan; Non-filer Social Security and other federal beneficiary stimulus payments IRS urges employers to take advantage […]