The Internal Revenue Service released guidance Monday for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program. The guidance in Notice 2021-20 echoes the information the IRS has already provided in its employee retention credit FAQs, but includes some clarifications
A fresh initiative in the U.S. Senate to put a tax penalty on big companies as a way of forcing higher minimum wages prompted a skeptical reaction among economists including a top adviser to former President Barack Obama. “This is a really big, complicated, brand new proposal. It is *possible*
The uncertainties in the year ahead are making it difficult for corporate tax executives to decide exactly what to do, given the challenges surrounding COVID-19. The No. 1 tax issue this year is mapping the tax impact of COVID-19-related business strategies, according to a recent Tax Outlook Survey from BDO
The International Federation of Accountants is partnering with the International Integrated Reporting Council on a joint initiative for providing assurance services related to financial and nonfinancial metrics. The initiative, called “Accelerating Integrated Reporting Assurance in the Public Interest,” aims to help more businesses implement integrated reporting, which brings together traditional
Top Five Firm RSM US has launched its Middle Market Collaborative for Understanding, a member group designed to promote diversity, equity and inclusion. The Collaborative has 14 inaugural members (including RSM) from a wide range of industries, including: Each of the organizations’ CEOs, chief marketing officers and chief human capital
The Treasury Department’s Financial Crimes Enforcement Network issued an advisory Wednesday warning about a growing variety of scams involving Economic Impact Payments aimed at recipients of COVID-19 relief. In one such scheme, fraudsters are sending potential victims bogus checks, instructing the recipients to call a phone number or verify information
So you thought 2020 was a challenge? Not even two months into 2021 and the groundwork is being laid for a year that may rival 2020 in terms of complicating factors for tax professionals. Right out of the gate, this year has provided some intriguing storylines that undoubtedly will have
The Internal Revenue Service should be doing more to protect the security of tax transcript information available through its Income Verification Express Service program, according to a new report. The report, released last Thursday by the Treasury Inspector General for Tax Administration, found the IRS needs to put in place
Leaders of the tax-writing House Ways and Means Committee are sounding the alarm over the slow start to tax season, reflected in the initial week of data from the IRS. In the first week of tax season, the Internal Revenue Service reported processing only one-third of the number of tax
Two members of Congress teamed up Friday to introduce a bipartisan bill that would offer tax credits for income from tips to beauty salon owners and workers. Rep. Suzan DelBene, D-Washington, and Darin LaHood, R-Illinois, together introduced the Small Business Tax Fairness and Compliance Simplification Act, which would offer tax