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2020-09-02 President Trump signed a presidential memorandum (“Payroll Tax Deferral Order”) on August 8. The Payroll Tax Deferral Order defers the employee's share of the 6.2% Social Security tax under Code Sec. 3101(a) (as well as the similar provision applicable to railroad employees under the Railroad Retirement Tax Act) payroll taxes from on wages or compensation paid during the period starting September 1 through December 31, 2020, for individuals making…

2020-09-02 The Bipartisan Budget Act of 2015 (Public Law No. 114-74) replaced the auditing and tax collection procedures for partnerships under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) and the electing large partnership rules with the centralized partnership audit regime, with the centralized partnership audit regime, also referred to as BBA or PBBA, generally effective for tax years beginning January 2018. Under the BBA, the IRS generally assesses…

2020-08-27 https://www.irs.gov/pub/irs-pdf/p5388.pdf p5388Download

August 19, 2020 While most third-party payroll servicers provide quality service, there are some that leave businesses vulnerable to unpaid bills, the IRS announced, urging employers that outsource payroll functions to take certain steps to protect themselves and explaining the various classifications of providers. A third-party arrangement with a certified professional employer organizations (CPEO), payroll service provider (PSP), or reporting agent (RA) may be right for many employers, the IRS…

IRS issues Guidance issued on Economic Impact Payments payments sent to decedents 2020-05-06 Q10. Does someone who has died qualify for the Payment? (added May 6, 2020) A10. No. A Payment made to someone who died before receipt of the Payment should be returned to the IRS by following the instructions about repayments. Return the entire Payment unless the Payment was made to joint filers and one spouse had not died before…

IRS Partial Re-Opening Status 2020-05-06 The IRS issued a statement on Saturday, April 25 saying that the agency has requested, but not required, thousands of employees to volunteer to return to work, and provided an offer for incentive pay. The IRS said: "No employees have been requested to return to work in a manner inconsistent with federal COVID-19 guidelines, and the requirement for employees voluntarily returning to the workplace to…

Missouri Department of Revenue extends tax filing deadline, allows additional time to renew driver licenses and motor vehicle registrations 2020-04-21 Mirroring the federal guidance issued by the Internal Revenue Service, the Missouri Department of Revenue announced today that it will provide special tax filing and payment relief to individuals and corporations in response to the COVID-19 outbreak. The Department is also implementing automatic extensions for expiring driver licenses and motor…

IRS is launching a tool that will provide the status of an Economic Impact Payment 2020-04-14 The IRS is launching a tool, at https://www.irs.gov/coronavirus/economic-impact-payments, that will let everyone check the status of their Economic Impact Payment, including the date it’s scheduled to be deposited or mailed. The tool will allow taxpayers who filed taxes without banking information to provide it to the IRS to receive an Economic Impact Payment faster.…

Missouri Department of Revenue Covid-19 Information Page 2020-04-07 https://dor.mo.gov/news/newsitem/uuid/ad40f685-6b65-4df0-b376-c473bd50261e Highlights: Individual and corporate income tax filing deadline extended to July 15, 2020.Income tax payment deadlines for individual and corporate income returns with a due date of April 15, 2020 are extended until July 15, 2020.This payment relief applies to all individual income tax returns, income tax returns filed by C Corporations, and income tax returns filed by trusts or estates.…

IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19 2020-04-07 The Treasury Department and the IRS launched the Employee Retention Credit, 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 employer whose business has been financially impacted by COVID-19.