Get in Touch
Address
1 Orchard Rd, Lake Forest CA 92630
Hours
Mon - Fri: 8:00AM - 6PM (PST)
Sat - Sun: Closed
"*" indicates required fields
IRS Updates
Check out the most recent information.
New law extends COVID Tax Refund Credit for Employers who keep workers on Payroll
IR-2022-89, April 18, 2022 - The Department of the Treasury and the Internal Revenue Service have received requests from...
Employers may be able to Claim the Employee Retention Credit and have a PPP Loan
IR-2022-88, April 18, 2022 - Taxpayers requesting an extension will have until Monday, Oct. 17, 2022, to file a return.
An Eligible Employer can Claim the Employee Retention Credit ($26,000) for qualified wages
IR-2022-87, April 15, 2022 - Beginning in Mid-April 2022, the IRS will send CP2100 and CP2100A notices...
Advance Payment of Employer Credits Due to COVID-19
IR-2022-86, April 15, 2022 - The Internal Revenue Service is reminding taxpayers the deadline to file and pay tax owed for most...
R-2021-21, January 26, 2021 — The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll.
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, made a number of changes to the employee retention tax credits previously made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), including modifying and extending the Employee Retention Credit (ERC), for six months through June 30, 2021. Several of the changes apply only to 2021, while others apply to both 2020 and 2021.
As a result of the new legislation, eligible employers can now claim a refundable tax credit against the employer share of Social Security tax equal to 70% of the qualified wages they pay to employees after December 31, 2020, through June 30, 2021. Qualified wages are limited to $10,000 per employee per calendar quarter in 2021. Thus, the maximum ERC amount available is $7,000 per employee per calendar quarter, for a total of $14,000 in 2021.
Retroactive to the March 27, 2020, enactment of the CARES Act, the law now allows employers who received Paycheck Protection Program (PPP) loans to claim the ERC for qualified wages that are not treated as payroll costs in obtaining forgiveness of the PPP loan