Ideas & Insights

Notice 2021-25 provides temporary relief on deductions for food or beverage under the Taxpayer Certainty and Disaster Relief Act.

The Relief Act made changes on how the Employee Retention Tax Credit works during the first two quarters of 2021.

The American Rescue Plan Act provides significant aid and funding for suffering pension plans, in part through direct financial assistance.

Notice 2021-20 clarifies retroactive changes made to ERTC and PPP interaction and incorporates several previous frequently asked questions.

RSM submits Comment Letter seeking clarity on interaction of the employee retention tax credit and required disallowance for wage expense.

Employers can add flexibility to their health flexible spending accounts and dependent care assistance programs per Notice 2021-15.

In response to the COVID-19 pandemic, Notice 2021-7 allows taxpayers to switch valuation methods for employer-provided vehicles.

The Act does not lengthen CARES Act COVID plan relief, but offers relief for non-COVID disasters, partial terminations and pension plans.

Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.

The IRS has updated six questions in their Employee Retention Credit FAQ document on Tribal Governments and PPP loans in acquisitions.

The final version of Form 941-X Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund has been released by the IRS.

Following the President’s memo on August 8, Treasury releases very short Notice 2020-65 delaying the deadline for employee FICA tax.

An executive order was issued directing the deferral of payroll tax payments. Follow up guidance from the Treasury Department is expected.

The court ruled that DOL regulations unduly restrict paid leave, thus expanding the eligibility of FFCRA paid leave.

These treasury regulations affirm the statutes the IRS will use to assess, reconcile, and recapture the COVID-19 payroll tax credits.

Finalized legislation will evolve but the proposal is a starting point for bipartisan negotiations for a new round of economic relief.

Due to the COVID-19 pandemic and economic crisis, the IRS will permit employers to adopt midyear amendments to plan contribution formulas.

Guidance relating to the application of the Cares Act to coronavirus-related distributions and loans from retirement plans.

Notice 2020-46 provides guidance for cash payments from foregone vacation, sick or personal leave made by employers to charities.

Plan participants may use an electronic system facilitating remote notarization or witnessing if executed via live audio-video technology.