IRS issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Notice 2021-23 explains the changes for the first and second calendar quarters of 2021, including: the increase in the maximum credit amountthe expansion of…
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Free recorded workshop helps small business owners understand their tax obligations
The Small Business Virtual Tax Workshop helps small business owners understand and meet their tax obligations. It’s free and available online 24/7. The workshop provides information for both new and experienced small business owners. Video lessons, which people can watch in any order, include: Federal taxes and your new business.Schedule C and other small business…
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Here is a video tax tip from the IRS
View Your Account Information English Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics in English, Spanish and ASL. www.youtube.com/irsvideoswww.youtube.com/irsvideosmultilinguawww.youtube.com/irsvideosASL
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Face masks and other personal protective equipment to prevent the spread of COVID-19 are tax deductible
WASHINGTON — The Internal Revenue Service issued Announcement 2021-7 today clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses. The amounts paid for personal protective equipment are also eligible to be paid or reimbursed…
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