New law extends COVID tax credit for employers who keep workers on payroll
https://www.irs.gov/newsroom/new-law-extends-covid-tax-credit-for-employers-who-keep-workers-on-payroll
WASHINGTON — The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll.
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, made a number of changes to the employee retention tax credits previously made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), including modifying and extending the Employee Retention Credit (ERC), for six months through June 30, 2021. Several of the changes apply only to 2021, while others apply to both 2020 and 2021.
As a result of the new legislation, eligible employers can now claim a refundable tax credit against the employer share of Social Security tax equal to 70% of the qualified wages they pay to employees after December 31, 2020, through June 30, 2021. Qualified wages are limited to $10,000 per employee per calendar quarter in 2021. Thus, the maximum ERC amount available is $7,000 per employee per calendar quarter, for a total of $14,000 in 2021.
Employers can access the ERC for the 1st and 2nd quarters of 2021 prior to filing their employment tax returns by reducing employment tax deposits. Small employers (i.e., employers with an average of 500 or fewer full-time employees in 2019) may request advance payment of the credit (subject to certain limits) on Form 7200, Advance of Employer Credits Due to Covid-19, after reducing deposits. In 2021, advances are not available for employers larger than this.
Effective January 1, 2021, employers are eligible if they operate a trade or business during January 1, 2021, through June 30, 2021, and experience either:
A full or partial suspension of the operation of their trade or business during this period because of governmental orders limiting commerce, travel or group meetings due to COVID-19, or
A decline in gross receipts in a calendar quarter in 2021 where the gross receipts of that calendar quarter are less than 80% of the gross receipts in the same calendar quarter in 2019 (to be eligible based on a decline in gross receipts in 2020 the gross receipts were required to be less than 50%).
Employers that did not exist in 2019 can use the corresponding quarter in 2020 to measure the decline in their gross receipts. In addition, for the first and second calendar quarters in 2021, employers may elect in a manner provided in future IRS guidance to measure the decline in their gross receipts using the immediately preceding calendar quarter (i.e
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Scam risks remain during pandemic; Security Summit focuses special week on taxpayer, tax professional protection against identity theft
https://www.irs.gov/newsroom/scam-risks-remain-during-pandemic-security-summit-focuses-special-week-on-taxpayer-tax-professional-protection-against-identity-theft
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With the 2022 tax season and the holidays rapidly approaching, the Internal Revenue Service, state tax agencies and the nation's tax industry today announced a special week focusing attention on taxpayers protecting sensitive financial information against identity thieves.
Working together as the Security Summit, the coalition of the IRS, the states and the nation's tax community plan the 6th Annual National Tax Security Awareness Week to take place from November 29–December 3. The announcement coincides with International Fraud Awareness Week coming to a conclusion.
The Summit partners warned that taxpayers and tax professionals face a heightened risk in coming months as fraudsters continue to use the pandemic as a way of tricking people into sharing sensitive personal information by email, text message and online. Identity thieves can use that information to try filing tax returns and stealing refunds.
As Security Summit partners have increased their joint defenses against identity theft, including through the Identity Theft Information Sharing and Analysis Center (ISAC), fraudsters have increasingly looked for ways to obtain sensitive personal financial information to help slip past common defenses. That has made tax professionals – who hold valuable tax information for their clients – a tempting target for scam artists.
"The nation's tax community has successfully joined forces to protect taxpayers through the Security Summit effort, but we need help in this continuing battle," said IRS Commissioner Chuck Rettig. "Taxpayers and tax professionals are the first line of defense against scammers looking for refunds. We are entering a sensitive holiday and tax period, and we urge people to protect their personal information – and avoid problems at tax time."
The IRS and Summit partners continue to see constantly evolving threats and scams. They can mimic IRS and others in the tax community with fake emails, texts and online scams. These schemes can lurk underneath COVID-related messages, stimulus payments or tax refunds. And they can frequently use recent tragedies or charitable groups to coax people into sharing sensitive financial data.
To help combat this, the Summit partner's National Tax Security Awareness Week will feature a week-long series of educational materials to help protect individuals, businesses and tax pros from identity theft. The effort will include special informational graphics and a soci
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