Welcome to ProPay's monthly newsletter featuring IRS Tax Tips, the Employee Spotlight, and what is coming up this September.
Let us know if there are any topics you would like to see more of in future newsletters!
If the IRS does call a taxpayer, it should not be a surprise because the agency will generally send a notice or letter first. Understanding how the IRS communicates can help taxpayers protect themselves from scammers who pretend to be from the IRS with the goal of stealing personal information.
The IRS recently issued further guidance on the employee retention credit. This includes guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and guidance on miscellaneous issues that apply to the employee retention credit in both 2020 and 2021. Additionally, the IRS issued a safe harbor allowing employers to exclude certain items from their gross receipts solely for determining eligibility for the employee retention credit.
Notice 2021-49 addresses changes made by the American Rescue Plan Act of 2021 to the employee retention credit that apply to the third and fourth quarters of 2021.
Those changes include:
Every year the IRS mails letters or notices to taxpayers for many different reasons. Typically, it's about a specific issue with a taxpayer's federal tax return or tax account. A notice may tell them about changes to their account or ask for more information. It could also tell them they need to make a payment. This year, people might have also received correspondence about Economic Impact Payments or an advance child tax credit outreach letter.
Our September Employee Spotlight is dedicated to Lauren Williams.
Lauren is ProPay's Assistant Operations Manager, and has been with us since October 2017. She heads all of our quarterly processing, 401(k) processing, tax processing, and new client setup. (WHAT A GEM). Lauren has worked so hard for ProPay and only makes it a better place for everyone.
In Lauren's free time she loves spending time with her husband (Tyrel), and daughter (Madelyn), friends and friends. She also has a passion for gardening; she ended up having a 13 foot sunflower this year!
If you would like your payroll dated for Friday, September 3rd, please have it turned in by Thursday, September 2nd.
If you would like your payroll to be dated September 6th or 7th, please have your payroll turned in by September 3rd.
All payrolls are due by 12:00 p.m. to ensure a timely deposit.
September 6th - 10th is National Payroll week!
Without our clients, ProPay would not be where it is today. We thank you all for your continued trust in us.
September closes out another quarter!
We will begin processing 3rd quarter reports the second week of October. Please be on the look out for your password protected, emailed reports.
We will send an email at the beginning of October with instructions on how to understand your reports. As always, please call us with any questions.
Paid sick and family leave tax credits under the American Rescue Plan Act of 2021 (ARP) are available until September 2021. Employers can claim the credits for providing leave to employees to accompany a family or household member or certain other individuals to obtain immunization relating to COVID-19 or to care for a family or household member or certain other individuals recovering from the immunization.
Victims of fraud who receive Forms 1099-G with inaccurate amounts of unemployment compensation in Box 1 should notify the state agencies of the inaccuracies and request corrected Forms 1099-G. The Department of Labor details how to report fraud and protect yourself.
Taxpayers should only report income they actually received on their tax returns. Do not report income you did not receive. The IRS offers tax guidance to victims at Identity Theft and Unemployment Benefits.
If your company receives any documentation from the Texas Workforce Commission or the Internal Revenue Service, please email the documentation to ProPay at firstname.lastname@example.org. If the documentation is not something that we need, we will let you know.
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