Browsing: Tax and Accounting

Newsbytes

The Internal Revenue Service today urged all individuals and families who have not yet filed their 2019 or 2020 tax returns to do so as soon as possible so that those who are eligible may begin receiving the expanded Child Tax Credit payments, which were authorized by the American Rescue Plan and which will begin to be distributed on July 15.

Newsbytes

The American Bankers Association urged the IRS yesterday to delay the use of new draft forms W-4P and W-4R, which are used to determine the appropriate amount of federal income tax to be withheld for various types of retirement distributions.

Human Resources

Under the recently enacted American Rescue Plan Act of 2021, small and midsize employers with fewer than 500 employees may claim refundable tax credits that reimburse them for the cost of providing paid sick leave and family leave to their employees due to COVID-19, including leave taken to receive or recover from COVID-19 vaccinations, the IRS reminded companies today.

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