10/29/2021
Inside This Issue
IRS reminds employers to e-file payroll tax returns timely
COVID relief: IRS helps employers wanting to rehire retirees or retain employees after retirement age
A Closer Look: Helping cannabis business owners successfully navigate unique tax responsibilities
IRS updates its new tax legislation FAQs process and addresses reliance concerns
Other tax news
IRS reminds employers to e-file payroll tax returns timely
An IRS news release reminds employers that the next quarterly payroll tax return is due November 1, 2021.
The IRS also urges employers to file electronically. E-filing is the most accurate method to file returns and saves taxpayers time.
The news release also shares information about COVID-related employee tax credits and encourages employers to help spread the word about advance payments of the Child Tax Credit.
COVID relief: IRS helps employers wanting to rehire retirees or retain employees after retirement age
To help address COVID-related labor shortages, the IRS reminds employers that they generally will not jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to current employees who have reached age 59 ½ or the plan’s normal retirement age.
Be sure to check out two newly added frequently asked questions that highlight existing ways that employers can meet their employment objectives and still comply with the plan qualification rules.
A Closer Look: Helping cannabis business owners successfully navigate unique tax responsibilities
The most recent issue of A Closer Look features De Lon Harris, Commissioner, Small Business Self-Employed, Exam, discussing the tax implications for the rapidly growing cannabis/marijuana industry. “I see it as my responsibility to make sure my organization helps taxpayers navigate complex issues and provides the tools that we have available for them to be successful and compliant business owners,” said Harris.
IRS updates its new tax legislation FAQs process and addresses reliance concerns
The IRS is updating its process for creating and maintaining certain frequently asked questions (FAQs) about newly enacted tax legislation. This is being done to address concerns regarding transparency and the potential impact on taxpayers when these FAQs are updated or revised. Significant FAQs on newly enacted tax legislation, as well as any later updates or revisions to these FAQs, will now be announced in a news release and posted on IRS.gov in a separate Fact Sheet.
Other tax news
The following information may be of interest to individuals and groups in or related to small businesses:
Additional Hurricane Ida relief for parts of Mississippi: certain deadlines and other dates extended
Advance Child Tax Credit payments: Still time for eligible families to sign up for advance payments
Give tax withholding a fresh look as 2021 year-end nears
IRS joins international organizations in fighting charity fraud during special awareness week
IRS Nationwide Tax Forums Online launches 18 new seminars
IRS, Security Summit partners remind families to make online safety a priority during National Cybersecurity Month
IRS extends videoconferencing to large business taxpayers
IRS sets forth required information for a valid research credit claim for refund
IRS announces 2022 Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program Grants