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The IRS and Department of the Treasury have released more information about the Employee Retention Credit program that has been recently launched. Below is the information directly from the source, covering business qualifications, credit calculations, wages, and how funds will be delivered. IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19 The Treasury Department and the Internal Revenue Service today 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 ...
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The IRS has published Notice 2020-21, defining the effective date for employment tax credits under the Families First Coronavirus Response Act.  Notice 2020-21 provides that employment tax credits for paid qualified sick leave wages and paid qualified family leave wages required by the Act will apply to such wages and compensation paid for periods beginning on April 1, 2020 and ending on December 31, 2020, and that days beginning on April 1, 2020 and ending on December 31, 2020 will be taken into account for credits for paid qualified sick leave equivalents and paid qualified family leave equivalents for certain self-employed individuals provided by ...
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The National Public Liaison Office sent out a notice last night detailing service interruptions due to the national health emergency. Help desks closed due to staff limitations: PPS (Practitioner Priority Services) line e-Services Help Desk line e-Services, FIRE (Filing Information Returns Electronically) and AIR (Affordable Care Act Information Returns) These are closed until further notice. Please make IRS.gov your first option for answers to questions. The IRS is temporarily suspending acceptance of new Income Verification Express Services (IVES) requests at this time and is experiencing delays with existing IVES processing as well as CAF ...
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Senate Passed Relief Bill John Rice, NSA CEO Washington, DC, March 26, 2020—Late Wednesday, March 25, 2020, the Senate passed an unparalleled $2.2 trillion economic rescue package providing aid to businesses, workers, and health care systems, suffering from the huge economic effects caused by the coronavirus pandemic. The unanimous vote came with misgivings on both sides regarding whether the rescue went too far, or not far enough, and ended days of partisan negotiations that caused a delay until Wednesday night. The 880-page bill is the largest economic relief bill in U.S. history. Majority Leader Mitch McConnell was clearly somber and exhausted ...
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The IRS has updated the FAQ page for filing and payment deadline extensions outlined in  Notice 2020-18 . The FAQ page will be updated periodically from this point to reflect any new information or IRS notices. Visit the FAQ . The IRS has also created a new page to keep you informed of mission-critical operations and changes
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I spoke with a client the other day who says she hasn’t seen grocery stores this empty since rationing during WWII. While I wasn’t there to see that for myself, it makes sense. This is a scary time. When you watch the news, or even talk to people you know, it’s clear that we’re rattled. People stock up on things to feel a sense of certainty or security. We normally do it when there is bad weather coming … a blizzard or a hurricane or even a flood. But this is different … this is an unpredictable public health emergency. Speaking of the news, you probably received NSA’s new email update yesterday, just like this one. Because NSA is here for you, we want to ...
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Life is changing rapidly. The impact of the coronavirus is being felt everywhere. NSA is going to help you stay on top of things. Tax Deadline Extensions As you may already know, Secretary Mnuchin announced at today's White House news conference that while the tax deadline of April 15th hasn't changed, that people who owe (or will owe) taxes have 90-days to pay. No interest or other penalties will be assessed during the 90-day period. Some media outlets have reported that there is both a 90-day payment deferral and a 90-day extension to file, and others have only reported the deferral as did we. NSA expects that the Treasury Department and the IRS will ...
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Today: Treasury Secretary Mnuchin has announced that major programs will be taking effect to assist the American public during the COVID-19 crisis. Briefly, the Treasury Department will try to send checks to Americans immediately, within the next two weeks, and people who will owe or currently owe the IRS can defer those payments (without interest charges) for 90-days.
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Alexandria, V.A. (March 13, 2020) – Today, the National Society of Accountants (NSA) sent a letter to The Honorable Charles P. Rettig, Commissioner of the Internal Revenue Service, requesting an extension of filing season. The letter was drafted in response to concerns voiced by NSA members relating to the COVID-19 public health crisis. Supply chain interruptions, travel restrictions, and other challenges related to the spread of COVID-19 may make it difficult or impossible for members’ clients to organize their tax information or make payments on time. The IRS has an automatic extension in place, but it is not a grace period and does not extend the date ...
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NSA is watching for developments in the news, and not only for things that affect tax and accounting professionals. As a professional society, and as individuals, we are concerned for our communities, families, clients, and one another. in this blog post, we would like to share some resources that may help keep you informed and prepared as the situation continues to evolve. Here are some basic steps for protecting yourself that we adapted from the World Health Organization's list: Wash your hands frequently with soap and/or hand sanitizer. Maintain social distancing: stay about 3 feet away from someone who is coughing or sneezing). Avoid touching your ...
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This morning, news outlets have begun reporting that the IRS is considering pushing back the April 15 th tax filing deadline in response to the coronavirus outbreaks. The Hill and Bloomberg have sited “Treasury officials” who are looking at this option to relieve the financial burden on taxpayers and government agencies. Treasury Secretary Mnuchin spoke to the media yesterday, saying that the Treasury Department is evaluating potential responses to the coronavirus situation. Mnuchin has also engaged with House Speaker Nancy Pelosi on the topic of an economic stimulus package. No more information about progress has been forthcoming. Yesterday, in a similar ...
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Today, February, 22, 2020, the U.S. Treasury Department and Internal Revenue Service (IRS) announced the appointment of Erin M. Collins to serve as the National Taxpayer Advocate (NTA). Ms. Collins has twenty years of experience as a Managing Director of KPMG’s Tax Controversy Services practice for the Western Area and has served as an attorney in the Office of Chief Counsel for the IRS for 15 years. Treasury Secretary Mnuchin says of Ms. Collins, “She has a wealth of experience representing a broad range of taxpayers before the IRS.  She also developed valuable expertise during her years with the Office of Chief Counsel. Erin is the ideal candidate to ...
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On February 19, 2020, the National Society of Accountants (NSA) responded to the IRS request for comments on the proposed IRS restructuring contained in the Taxpayer First Act (TFA). The suggestions come as a response to the solicitation for industry commentary presented at the Taxpayer First Act discovery meeting held on January 15, 2020, which was attended by NSA and other national organizations. While given the opportunity to be a signatory on a letter drafted by various other industry organizations, the NSA opted to deliver an independent response. NSA’s suggestions draw from decades of advocacy and a strong relationship with the IRS, the Office of the ...
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When your business creates a budget for the year, you must try to predict extra expenses. You cannot be sure exactly how much money you will spend, but you can predict a few extra expenses based on the past year, how your projects have gone, and what your business does every day. Use these tips to predict business expenses, save money, and avoid any problems that occur when your team runs out of money. Check Last Year’s Ledger When you have listed your expenses , you should read your ledger from the year before. You can see how much money you spent on certain projects. You can check the overages, and you can predict any extra expenses in the ...
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Tax preparers are required by law to protect taxpayer information. Each tip we’ve shared with you over the 12 days of cybersecurity helps you stay safer in the online world. NSA wants you to stay safe, not only because taxpayers are at risk, but because you’re a business owner. The consequences of a data breach or other cybercrime can be extensive and could collapse the business you’ve built. Here is what the Insurance Information Institute says you could be liable for if your data is compromised: If your computer systems are hacked or customer, employee or partner data is otherwise lost, stolen or compromised, the costs of response and remediation ...
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After consulting with various industry sources, NSA has compiled a list of suggested actions you should take in order to improve your cybersecurity. Look them over and begin implementing them today. Hardware Encrypt all hard drives on all machines that store confidential data Perform regular back-ups of all computers, laptops, tablets and mobile devices on secure storage media or offsite encrypted cloud servers Install and regularly update business-class antivirus and firewall software on all devices Activate pre-installed encryption options on your devices Update device software and firmware regularly; set updates to install automatically ...
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What if someone gets a hold of your computer’s password? Your phone’s PIN? The answer is simple: they have access to your data. In the case of your phone or tablet, that means they have your personal (or perhaps business) contact lists emails. The list of information available on your computer is longer, and the items that can be stolen are unpleasant to contemplate. Modern devices, especially mobile electronics, have multi-factor authentication (MFA) capabilities, and you should use them. Requiring two forms of identification in order to access your electronics makes it harder for criminals to steal your information. Log-in options for multi-factor authentication ...
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By now, you’ve used the FTC’s small business guides , this IRS resource , and the Sample Information Security Policy in the Member Resource Library, and have written a data security policy for your office. Perhaps you even spoke to a local IT specialist about it. Now is the time to give a copy to everyone who works for you. Your data security policy is like an addendum to your employee handbook that lays out your expectations for handling confidential client information and information about your business. The security policy document is just as important as the handbook, if not more, so make sure everyone reads it from cover to cover and asks questions ...
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Almost every piece of computing equipment in your office retains data in one way or another. Even your networked printer can hold on to information. Using built-in erase programs for computers, phones, printers, tablets, and so on isn’t enough to render data inaccessible. Hackers have access to tools you don’t, including software that can un-erase drives, or reconstruct data after it has been fragmented. Knowing that, don’t put your old machines in the trash or recycle bin before you remove the printer or computer’s hard drive. The next step in making sure your information can’t be recovered or un-erased is this: physically destroy anything that can ...
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On Data Privacy Day, start encrypting your documents and communications! Using secure communications platforms, document sharing, and client portals, are an absolute necessity. Phishers, hackers, and cybercriminals of all kinds are eager to get their hands-on identifying information belonging to you or your clients. Everything they steal equals money. Do not email identifying information, tax forms, organizers, or anything that could be used to steal someone’s identity, as an attachment. Make sure your clients don’t send you documents that way. It isn’t safe. The best cloud-hosted accounting software and communications application providers will ...
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