News & Analysis as of

Wages Internal Revenue Service Coronavirus/COVID-19

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Resumes Processing New Claims for Employee Retention Credit

After lifting the moratorium on processing tax refund claims, the Internal Revenue Service (IRS) has begun processing a large backlog of claims for the employee retention tax credit (ERC), aimed at businesses impacted by...more

DarrowEverett LLP

How IRS Is Cracking Down on Employee Retention Tax Credit Fraud

DarrowEverett LLP on

The Internal Revenue Service (“IRS”) has recently devoted great attention to detecting, investigating, and prosecuting fraud, particularly as it relates to the Employee Retention Tax Credit (“ERC”) post-COVID. On a webinar...more

Brownstein Hyatt Farber Schreck

IRS Clarifies PPP Loans, Retention Credit Wage Reporting Rules

On March 1, the Internal Revenue Service (IRS) issued Notice 2021-20, which provides updated guidance on the Employee Retention Tax Credit (ERTC) as it applies before Jan. 1, 2021. The ERTC was first enacted on March 27,...more

McDermott Will & Emery

Weekly IRS Roundup January 11 – January 15, 2021

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 11, 2021 – January 15, 2021... January 11, 2021: The IRS released TD 9948 containing...more

UB Greensfelder LLP

Congress Permits Employers to Voluntarily Extend FFCRA Leave and Claim Tax Credits Through March 31, 2021

UB Greensfelder LLP on

In March 2020, the federal government passed the Families First Coronavirus Response Act (FFCRA), which required employers to provide paid leave to employees under certain circumstances related to the global coronavirus...more

Pillsbury Winthrop Shaw Pittman LLP

IRS Issues Guidance Related to Executive Order Permitting the Deferral of Employee Social Security Tax during COVID-19 Pandemic

Based on IRS guidance, the deferral is not mandatory. Considering the minimal benefit that the deferral provides to employees, a cost/benefit assessment seems to weigh against offering deferrals. On August 28, the IRS...more

White and Williams LLP

Recent Guidance on Employee Payroll Tax Deferral: Implementation Steps and Employer Discretion

The Internal Revenue Service (IRS) recently issued Notice 2020-65 (Notice), which provides guidance regarding the employee payroll tax deferral that was announced by the White House on the August 8, 2020 (Executive Order)....more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Issues Instructions on Reporting Emergency Paid Leave Wages

On July 8, 2020, the Internal Revenue Service (IRS) released guidance for employers on reporting qualifying wages paid to employees under the Emergency Paid Sick Leave Act (EPSLA) and Emergency Family and Medical Leave...more

ArentFox Schiff

Treasury and IRS Release FAQs On Paid Sick and Family Leave Tax Credits for Small and Mid-Size Employers

ArentFox Schiff on

The U.S. Department of the Treasury and the Internal Revenue Service have published more information on refundable tax credits that reimburse small and mid-size employers, on a dollar-for-dollar basis, for the cost of...more

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