2021 – 08/11 The IRS has provided a safe harbor for employers claiming the Employee Retention Credit (ERC). The safe harbor allows employers to exclude certain amounts from their gross receipts when determining their eligibility for the ERC. Specifically, Rev. Proc. 2021-33 allows employers to exclude the following amounts from gross receipts: the amount of the forgiveness of a Paycheck Protection Program (PPP) loan, Shuttered Venue Operators Grants and Restaurant Revitalization Funds. The IRS said that, absent the safe harbor, these amounts would be included in gross revenue. Contact us for more information.
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IRS Tax Return Backlog
2022 – 05/23 The Treasury Inspector General for Tax Administration (TIGTA) has issued an audit that evaluates whether the IRS timely and accurately processed individual paper and e-filed tax returns during the 2022 filing season. As of March 4, 2022, the IRS received 54.7 million tax returns and issued $129.2 billion in refunds. The audit…
IRS Announces Adjustments to Key Retirement Plan Limits
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Quarterly Estimated Taxes Due June 15th
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2022 – 05/05 The IRS is reminding all businesses, including self-employed and gig workers, to make estimated tax payments quarterly. Individuals and businesses are required to pay taxes as income is earned or received throughout the year, either through withholding or estimated tax payments. That’s why those who are self-employed or in the gig economy…
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2022 – 06/23 As of May 31, the IRS was still plagued by delays in processing paper returns and issuing refunds, according to the National Taxpayer Advocate, Erin Collins. In her midyear report to Congress (), Collins reported that the IRS had a backlog of 21.3 million unprocessed tax returns, an increase of 1.3 million,…
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IRS Tax Return Backlog
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Quarterly Estimated Taxes Due June 15th
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