A couple of weeks ago we covered the IRS backlog of amended payroll tax returns (941X) for employee retention credits. Now, the Treasury and IRS have responded to requests from taxpayers for relief from penalties with IR-2022-89.
Many businesses filed for employee retention credits. Unfortunately, the IRS has a staggering backlog of Form 941’s to process as a result of ERC filings along with normal quarterly filings.
Yesterday, Alabama House Bill 231 and Alabama Senate Bill 152 were forwarded to Governor Kay Ivey for signature. This legislation, when signed, will effectively exempt from state income taxes certain federal benefits that taxpayers received from the American Rescue Plan Act last year, a coronavirus relief bill passed by Congress. The exemption applies to the…
Under the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 and the American Rescue Plan Act of 2021, FEMA is providing financial assistance for COVID-19 related funeral costs. The benefit is a maximum of $9,000 per deceased individual or $35,500 per applicant for multiple deaths. As of January 3, 2022, FEMA received 9,077 applications…
By: Lane Hooper, Dent Moses Staff Accountant Since the pandemic began, the Internal Revenue Service has struggled to process returns, payments and correspondence. See our July 13th post (link here) if you’d like to read more in depth about the current state of affairs at the IRS. If one of our clients experiences an IRS…
There are two new funding opportunities available specifically for Health Care providers. Application Deadline: October 26, 2021 at 11:59 pm EST CLICK HERE TO APPLY Combined application for Provider Relief Fund (PRF) Who is eligible? Providers or suppliers who bill Medicare fee for-service (Parts A, B, and C), Medicaid (fee-for-service or managed care) and/or CHIP as…
Dent Moses Managing Partner, Mike Baker, led a thoughtful and insightful conversation with Mitchell Greggs of Maynard Cooper and Joe Daniel of Streamline CXO about the current issues around returning to the workplace post-COVID.
The Biden administration recently released a proposed budget for the fiscal year 2022, referred to as the “Green Book”. The budget includes a number of proposals for tax increases along with a series of increased or extended tax credit and incentive programs. Here is a list of some of the proposed changes:
If you have not applied for forgiveness, now is the time and the deadline may be fast approaching.
On Wednesday, March 17, the IRS announced that the 2020 individual income tax filing deadline will be automatically extended from April 15, 2021, to May 17, 2021.