Draft Form 941. On August 28, 2020, the IRS posted a draft version of Form 941 on its website. Specifically, the draft form changes line 24 to read: “Deferred amount of employee’s share of Social Security tax included on line 13b.” Line 13b of the draft form is slightly altered to say: “Deferred amount of Social Security
Part III – Administrative, Procedural, and Miscellaneous Relief with Respect to Employment Tax Deadlines Applicable to Employers Affected by the Ongoing Coronavirus (COVID-19) Disease 2019 Pandemic Notice 2020-65 On August 8, 2020, the President of the United States issued a Presidential Memorandum directing the Secretary of the Treasury (Secretary) to use his authority pursuant to
The IRS has confirmed during its monthly payroll industry telephone conference call on August 6 that a revised version of Form 941-X (Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund) with the COVID-19 tax credits will be issued in mid-to-late September 2020. In response to the COVID-19 health emergency, the Families First Coronavirus
Q1. May employers set up a leave-sharing plan under IRS Notice 2006-59 (PDF) that permits employees to deposit leave in an employer-sponsored leave bank for use by other employees who have been adversely affected by the COVID-19 pandemic? A1. Yes. Notice 2006-59 provides guidance on the federal tax consequences of certain leave-sharing plans that permit
IR-2020-160, July 16, 2020 WASHINGTON — The Internal Revenue Service today announced its annual “Dirty Dozen” list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. This year, the Dirty Dozen focuses on scams that target taxpayers. The criminals behind these bogus schemes