How To Develop Your Skill For Great Success And Happiness Including Become CPA? | Additional special tips From Admin
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Guidance sought on employee retention credit
Several issues involving the new employee retention credit are in need of clarity and guidance, the AICPA told Treasury and the IRS on Friday. In a letter from Christopher Hesse, CPA, chair of the AICPA Tax Executive Committee, to David Kautter, the assistant secretary for tax policy at Treasury, and IRS Commissioner Charles Rettig, the AICPA identified eight areas where taxpayers and practitioners need guidance and made recommendations.
The employee retention credit is available for employers that close or suspend operations or have much-reduced gross receipts due to the coronavirus pandemic. The credit, which was enacted in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, is designed to encourage businesses to keep employees on their payroll by providing a refundable tax credit of 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
The CARES Act says that rules similar to the rules of Sec. 280C(a) will apply to the employee retention credit. The AICPA asked for guidance on the application of those rules. The AICPA specifically asked for guidance related to an employer’s deduction for payroll taxes that are reduced by the credit because it is unclear if an employer is allowed to take a deduction for only the total amount of payroll taxes incurred or the total amount of payroll taxes paid after application of the credit. The AICPA recommends allowing the deduction for an employer’s Social Security tax obligation before applying the credit.
The AICPA asked for guidance on the deferral of the payment of Social Security taxes and asked the IRS to clarify that Section 2302 of the CARES Act allows employers to defer payments of Social Security taxes originally due on or after March 27, 2020, regardless of when the compensation was earned.
It also asked for clarification for the same question for self-employed individuals.
Other topics were identified by the AICPA as needing guidance. The letter asked the IRS to:
For more news and reporting on the coronavirus and how CPAs can handle challenges related to the outbreak, visit the JofA’s coronavirus resources page.
For tax-related resources, visit the AICPA’s Coronavirus (COVID-19) Tax Resources page.
— Alistair M. Nevius, J.D., (Alistair.Nevius@aicpa-cima.com) is the JofA’s editor in chief, tax.
Research & References of Guidance sought on employee retention credit|A&C Accounting And Tax Services
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A note for you if you pursue CPA licence, KEEP PRACTICE with the MANY WONDER HELPS I showed you. Make sure to check your works after solving simulations. If a Cashflow statement or your consolidation statement is balanced, you know you pass right after sitting for the exams. I hope my information are great and helpful. Implement them. They worked for me. Hey.... turn gray hair to black also guys. Do not forget HEALTH?
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