The 10 Biggest Myths (Missed Opportunities) With the Employee Retention Credit
In March 2021, this credit was extended through Dec. 31, 2021, and expanded as part of the American Rescue Plan Act of 2021.
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All Featured (33) For the Public (149) Tax News (541) Accounting & Auditing (251) Business & Industry News (142) Regulatory News (120) Legislative News (62) Chapter News (49) Young CPAs (91) Students (108) TSCPA Press Releases (104)Showing : 411–420 of 541
IRS Updates Automatic Accounting Method Change Procedures
The IRS recently issued Rev. Proc. 2021-34, which updates the list of accounting method changes to which automatic change procedures apply.
View MoreIRS Provides Relief for Certain Employers Claiming the Work Opportunity Tax Credit
The IRS recently issued Notice 2021-43, which provides transition relief to certain employers claiming the Work Opportunity Tax Credit.
View MoreTreasury, IRS Provide Gross Receipts Safe Harbor for Employers Claiming Employee Retention Credit
The U.S. Department of the Treasury and the IRS recently issued Revenue Procedure 2021-33, providing a safe harbor allowing employers to exclude certain amounts from gross receipts solely for determining eligibility for the Employee Retention Credit.
View MoreTennessee Franchise and Excise Return Extension Lengthened for Tax Years Beginning Jan. 1, 2021
Throughout the pandemic and following natural disasters, TSCPA and the AICPA worked to extend tax filing deadlines. When extensions were announced at the federal level, TSCPA worked quickly with the Tennessee Department of Revenue to make sure state tax filing deadlines were also extended accordingly. One of the extensions passed by the 112th Tennessee General Assembly was for the Tennessee franchise and excise tax.
View MoreTreasury, IRS Provide Additional Guidance on Employee Retention Credit
The U.S. Department of the Treasury and the IRS recently issued Notice 2021-49, providing further guidance on the employee retention credit, including guidance for employers who pay qualified wages after June 30, 2021, and before Jan. 1, 2022, and additional guidance on miscellaneous issues that apply to the credit in both 2020 and 2021.
View MoreTax Credit Available for Providing Leave to Employees Caring for Individuals Obtaining or Recovering From a COVID-19 Immunization
The IRS recently updated its FAQs on the paid sick and family leave tax credits under the American Rescue Plan Act of 2021.
View MoreIRS Clarifies COBRA Premium Assistance Credit in New Guidance
The IRS recently released Notice 2021-46, providing additional guidance to employers, health insurers and health plan administrators on how to provide laid-off employees temporary assistance paying for COBRA continuation coverage and claim a refundable tax credit.
View MoreIRS Launches Online Feature to Obtain Third-Party Authorizations
The IRS recently launched a new feature that will give taxpayers digital control over who can represent them or view their tax records, a groundbreaking step in the agency's expansion of electronic options for taxpayers and tax professionals.
View MoreTreasury, IRS Extend Safe Harbor for Renewable Energy Projects
The Department of the Treasury and the IRS recently issued Notice 2021-41, extending the Continuity Safe Harbor for taxpayers developing renewable energy projects affected by the COVID-19 pandemic.
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