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IRS issues employee retention credit guidance

  • March 2, 2021

The IRS issued employee retention credit guidance which clarifies and describes retroactive changes under the new law that apply to 2020, primarily relating to expanded eligibility for the credit for taxpayers who took Paycheck Protection Program (PPP) loans. Continue Reading

Tax provisions in the American Rescue Plan Act

  • February 27, 2021

The $1.9 trillion stimulus plan passed by the House of Representatives early Saturday contains many tax provisions, including a new round of economic impact payments, a tax credit for COBRA continuation coverage, and the expansion of several other tax credits. Continue Reading

IRS provides cafeteria plan relief for the pandemic

  • February 22, 2021

In response to the COVID-19 pandemic, Congress enacted temporary special rules for health flexible spending arrangements (FSAs) and dependent care assistance programs under Sec. 125 cafeteria plans. The IRS has now provided these plans with more discretion in 2021 and 2022. Continue Reading

Tax penalty relief amid the pandemic

  • February 17, 2021

The COVID-19 pandemic caused 2020 to shape up as one of the most difficult years ever for taxpayers and tax practitioners alike. Here are some strategies and best practices that practitioners should keep in mind when requesting penalty abatement from the IRS on behalf of clients. Continue Reading