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The latest tax and accounting news and information for personal taxpayers, businesses, and credit unions.

 

Tax & Accounting News

Taxpayers can protect themselves from scammers by knowing how the IRS communicates

“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.”

IRS, 8/24/2021, accessed 8/27/2021, https://www.irs.gov/newsroom/taxpayers-can-protect-themselves-from-scammers-by-knowing-how-the-irs-communicates

IRS Issues Additional Guidance for Claiming the Employee Retention Tax Credit

“the IRS issued additional guidance on the employee retention tax credit, including information regarding the expansion of the credit to certain wages paid during the third and fourth calendar quarters of 2021”

Gould & Ratner LLP, 8/10/2021, JD Supra, accessed 8/23/2021, https://www.jdsupra.com/legalnews/irs-issues-additional-guidance-for-1986973/

New safe harbor for ERC gross receipts calculation

“The IRS issued a safe harbor that allows an employer to exclude certain amounts received from other coronavirus economic relief programs in determining whether it qualifies for the employee retention credit (ERC) based on a decline in gross receipts”

Dave Strausfeld JD, 8/11/2021, The Tax Adviser, accessed 8/23/2021, https://www.thetaxadviser.com/news/2021/aug/employee-retention-credit-erc-gross-receipts-calculation-safe-harbor.html

Credit Union News

NCUA Implementation of Modernized Systems

“In August, the NCUA will begin transitioning to several new modernized applications, which are listed below. These efforts include the implementation of emerging and secure technology that supports the NCUA’s examination, data collection, field of membership, and reporting efforts. These new applications will streamline processes and procedures and provide significant benefits to credit union users.”

Todd M. Harper, 8/12/2021, NCUA, accessed 8/27/2021, https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/implementation-modernized-systems

Accounting Professionals at Griffin & Furman

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Roth IRA Basics to Get You Started

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September 2021 Tax & Accounting News

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