
March 17, 2021
Steve Grgas
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New Form for Self-Employed COVID-19 Leave Credits
New Form for Self-Employed COVID-19 Leave Credits The IRS has released new Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. The form allows eligible self-employed individuals to calculate the amount to claim for qualified sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA) ( P.L. […]
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March 17, 2021
Wayne Naegele
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IRS Urges Employers to Claim Employee Retention Credit
IRS Urges Employers to Claim Employee Retention Credit The IRS is urging employers to take advantage of the newly-extended employee retention credit (ERC), which makes it easier for businesses that have chosen to keep their employees on the payroll despite challenges posed by COVID-19. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Division […]
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March 17, 2021
Angelica Farrell
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Lenders Notified to File Corrected Forms 1099-MISC to Exclude Subsidized Loan Payments
Lenders Notified to File Corrected Forms 1099-MISC to Exclude Subsidized Loan Payments The IRS has announced that lenders who had filed or furnished Form 1099-MISC, Miscellaneous Information, to a borrower, reporting certain payments on loans subsidized by the Administrator of the U.S. Small Business Administration (Administrator) as income of the borrower, must file and furnish […]
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March 17, 2021
Salvatore Russo
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Teachers Receive Safe Harbor for Certain COVID-related Expenses
Teachers Receive Safe Harbor for Certain COVID-related Expenses The IRS is providing a safe harbor for eligible educators to deduct certain unreimbursed COVID-19-related expenses. The safe harbor applies to expenses for personal protective equipment, disinfectant, and other supplies used for the prevention of the spread of COVID-19 in the classroom, paid or incurred after March […]
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March 17, 2021
Salvatore Russo
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Double-Check for Missing, Incorrect Forms Before Filing
Double-Check for Missing, Incorrect Forms Before Filing With some areas seeing mail delays, the IRS has reminded taxpayers to double-check before filing a tax return to make sure they have all their tax documents, including Form W-2, Wage and Tax Statement, and Forms 1099. Many of these forms may be available online. However, when other […]
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