IRS: EIP3 to Non-Filing Federal Beneficiaries

April 8, 2021By Smeriglio Associates LLCNews

The IRS is issuing the third round of Economic Income Payments (EIP3) to some non-filing federal beneficiaries. Recipients will receive up to $1,400 per qualified individual and qualified dependent. If you have an adjusted gross income of $80,000 ($160,000 for married couples filing jointly) or more, you aren’t eligible for an EIP3. Social Security, Supplemental … Read More

IRS: Employee Retention Credit

April 7, 2021By Smeriglio Associates LLCNews

The IRS has provided guidance to employers claiming the employee retention credit (ERC) for 2021. In Notice 2021-23, the IRS explains how employers can determine their eligibility for, and the amount of, the ERC they may claim for the first two quarters of 2021. During the first two quarters of 2021, the ERC equals 70% … Read More

COBRA provisions play critical role in COVID-19 relief law

April 6, 2021By Smeriglio Associates LLCNews

During the COVID-19 pandemic, many employees and their families have lost group health plan coverage because of layoffs or reduced hours. If your business has had to take such steps, and it’s required to offer continuing health care coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA), the recently passed American Rescue Plan Act (ARPA) … Read More

2021 – 04/05 – IRS: April 15th Deadlines Reminder

April 6, 2021By Smeriglio Associates LLCNews

The IRS is reminding taxpayers that even though many federal tax deadlines were extended from April 15, 2021, to May 17, 2021, there are some April 15 tax deadlines still in effect. Among the April 15 deadlines that remain include paying first-quarter 2021 individual estimated taxes, filing calendar year 2020 trust and estate income tax … Read More

IRS: Foreign Language Options

April 5, 2021By Smeriglio Associates LLCNews

The IRS is continuing efforts to communicate to taxpayers in languages other than English by expanding multilingual forms and communications. One example is the new Form 1040 Schedule LEP, “Request for Alternative Language Products by Taxpayers with Limited English Proficiency.” This form is available in English and Spanish, with instructions available in English and 20 … Read More