This article was published by the IRS. During National Small Business Week, the Internal Revenue Service wants small business owners to know that information and resources to help them understand and meet their tax obligations are available free at IRS.gov. Small businesses play a pivotal role in our nation's economy. The IRS has a variety of [...]
This article was published by the IRS. Many businesses affected by COVID-19 qualify for tax relief though credits or deferrals. Here's a breakdown of which employers qualify for these new tax credits and the deferral of employment tax deposits and payments through December 31, 2020. Credits for paid sick and family leave Businesses and tax-exempt organizations [...]
This article was published by the IRS. The employee retention credit is designed to encourage businesses to keep employees on their payroll. The amount of the credit is 50% of qualified wages paid up to an annual limit of $10,000, which equals a maximum credit amount of $5,000 for each employee for the year. Who is [...]
In this week’s Monday episode (June 22, 2020) of the Town of Plymouth’s “COVID-19 Daily Update,” Heather reported that the IRS approved some relief last week. If you were 70 1/2 in 2019 and were required to take distributions from a retirement plan like a 401(k) or IRA, the question has been what would happen if [...]
This article was published by the IRS. Employers affected by COVID-19 can take advantage of three important new credits available to them. Employee Retention Credit: The employee retention credit is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible [...]
