IRS Simplifies Covid-19 Payroll Tax Credit, Retention Processes

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From Bloomberg Tax on April 6, 2020:

More tax types are subject to the new payroll tax credits than were identified in the FFCRA and CARES Act

More tax types may be retained instead of deposited for the credits than were identified in the FFCRA and CARES Act

The set of employment taxes against which three new refundable payroll tax credits may be directly applied and that employers may avoid depositing in anticipation of the credits is broader under IRS guidance than in recent legislation because the IRS simplified these processes.

Continue reading: https://news.bloombergtax.com/payroll/irs-simplifies-covid-19-payroll-tax-credit-retention-processes