IRS Assets For Small Companies | Q2 2021

We all the time advocate that small enterprise homeowners attain out to their trusted monetary, authorized, and different trusted advisors to maintain them up to the mark on altering information and laws. Nevertheless, we additionally know that the Inside Income Service is one other supply of knowledge stream — particularly in altering and difficult instances. IRS small enterprise tax assets to which you’ll be able to subscribe. This quarterly assortment of IRS data is only one instance of knowledge from the IRS perception for small companies. Certainly, the IRS is keen to ship you data on a variety of tax-related data: Right here is data from a present e-mail e-newsletter for small enterprise homeowners.

IRS supplies steering for employers claiming the
Worker Retention Credit score for first two quarters of 2021

The Inside Income Service issued steering for employers claiming the Worker Retention Credit score underneath the Coronavirus Support, Reduction, and Financial Safety Act (CARES Act) modified by the Taxpayer Certainty and Catastrophe Tax Reduction Act of 2020 (Reduction Act). To overview these modifications, see Discover 2021-23. Extra coronavirus reduction data for companies is out there on On the backside of the web page, you’ll find hyperlinks to subscriptions to a spread of tax-related newsletters.

1 | Free digital workshop helps small enterprise homeowners perceive and meet tax obligations

The Small Enterprise Digital Tax Workshop helps educate small enterprise homeowners about their taxes. It’s free and obtainable on-line 24/7. The up to date chapters include direct hyperlinks to extra particular subjects inside every lesson, like chapters in a e-book. Viewers can select the teachings that apply to their small companies. They will additionally pause and bookmark classes to allow them to overview the knowledge later.

2 | The IRS is reallocating taxes on unemployment advantages; refunds to begin in Could

The IRS will take steps to mechanically refund cash to individuals who filed their tax return reporting unemployment compensation earlier than the current modifications made by the American Rescue Plan.

The laws was signed on March 11. The new IRS steering consists of particulars for these eligible taxpayers who haven’t but filed.

3 | IRS, Treasury disburses extra Financial Affect Funds underneath the American Rescue Plan; Non-filer Social Safety and different federal beneficiary stimulus funds

As work continues on issuing hundreds of thousands of Financial Affect Funds to Individuals, the IRS and Treasury Division introduced that they anticipate funds will start to be issued this weekend to Social Safety recipients and different federal beneficiaries who don’t usually file a tax return, with the projection that almost all of those funds could be despatched electronically and acquired on April 7, 2021.

Many federal beneficiaries who filed 2019 or 2020 returns or used the Non-Filers software final 12 months have been issued Financial Affect Funds, if eligible, over the last three weeks.

Most Social Safety retirement and incapacity beneficiaries, railroad retirees and recipients of veterans’ advantages who’re eligible for an Financial Affect Cost don’t must take any motion to obtain a fee.

4 | IRS urges employers to benefit from the Work Alternative Tax Credit score

Giving somebody a piece alternative could translate right into a enterprise tax credit score for you and better stability for a household. The Work Alternative Tax Credit score (WOTC) is a federal tax credit score obtainable to employers for hiring people from sure focused teams who’ve persistently confronted vital limitations to employment.

5 | Taxable Fringe Profit Necessities for Employers Webinar

The IRS Tax Exempt and Authorities Entities Division and the Workplace of Federal, State and Native Governments wish to invite small companies to register to observe the free Taxable Fringe Profit Necessities for Employers Webinar on April 14, 2021 at 1:00 p.m. (ET). This webinar is designed to elucidate what a fringe profit is and the way to worth a fringe profit. It’ll cowl the commonest fringe advantages and clarify if these fringe advantages are taxable.

For extra data, see Webinars for Tax Exempt & Authorities Entities.

6 | IRS extends extra tax deadlines for people to Could 17

The IRS introduced that people have till Could 17, 2021 to satisfy sure deadlines that may usually fall on April 15, resembling making IRA contributions and submitting sure claims for refund. This follows a earlier announcement that the federal earnings tax submitting due date for people for the 2020 tax 12 months was prolonged from April 15, 2021, to Could 17, 2021.

Discover 2021-21 supplies particulars on the extra tax deadlines.

7 | Masks, and different COVID-19 private protecting gear are tax-deductible

The IRS issued Announcement 2021-7 clarifying that the acquisition of private protecting gear for the first objective of stopping the unfold of coronavirus are deductible medical bills. Along with masks, this consists of instances resembling hand sanitizer and sanitizing wipes.

(Photograph by Chip Somodevilla/Getty Photographs)

The quantities paid for private protecting gear are additionally eligible to be paid or reimbursed underneath well being versatile spending preparations (well being FSAs), Archer medical financial savings accounts (Archer MSAs), well being reimbursement preparations (HRAs), or well being financial savings accounts (HSAs).

8 | IRS Prison Investigation pledges continued
dedication to investigating COVID-19 fraud

The IRS Prison Investigation Division (IRS-CI) marks the one-year anniversary of the Coronavirus Support, Reduction and Financial Safety Act by pledging its continued dedication to investigating COVID-19 fraud.

This consists of fraud associated to:

  • Financial Affect Funds
  • Paycheck Safety Program
  • Worker Retention Credit score

IRS-CI encourages the general public to share data concerning identified or suspected fraud makes an attempt in opposition to any of the applications provided by means of the CARES Act. Right here’s the way to report a suspected crime and study extra about COVID-19 scams and different monetary schemes.

9 | Low Revenue Taxpayer Clinic utility interval now open

The IRS introduced it should settle for functions for an 18-month Low Revenue Taxpayer Clinic (LITC) matching grant from all certified organizations.

The LITC matching grant information launch supplies extra data, together with:

  • Utility interval
  • Price range and efficiency interval
  • Eligibility
  • Geographically underserved areas

Extra IRS Tax Assets for Small Enterprise

Small Enterprise and Self-Employed One-Cease Useful resource
Small Enterprise Varieties & Directions
Small Enterprise Occasions
Small Enterprise Webinars
e-File for Companies and Self-Employed
Companies with Staff
Small Enterprise Merchandise
Self-Employed People
S Companies

Different Assets
Discover it Quick!
All Varieties and Directions
Submitting Your Taxes
Make a Cost
Taxpayer Advocate Service
Retirement Plans
Tax Data for Charities
and Different Non-Income
State Hyperlinks
SSA/IRS Reporter
IRS Social Media


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