Em's Accounting Service

An IRS reminder to taxpayers: Unemployment compensation is taxable. Plan ahead and have tax withheld now to avoid a tax-time surprise. Learn more: https://go.usa.gov/xfzmM

With so many changes this year, the IRS recommends all taxpayers review their withholding annually. Use the IRS Tax Withholding Estimator to check and make sure... you’re not having too little or too much federal tax withheld. This tool offers workers, retirees and self-employed individuals a step-by-step method to help figure out if you should adjust your withholding. If you do need to adjust your withholding simply submit a new IRS Form W-4, Employee’s Withholding Certificate to your employer. To learn more, click here: https://go.usa.gov/xfSMk

Thanks to hard work and long hours by dedicated IRS employees, Economic Impact Payments are going out on schedule, as planned, without delay, to the nation. The IRS employees are delivering these payments in record time. #COVIDreliefIRS

The IRS deadline to file and pay federal income taxes has been moved to July 15. If you need additional time to file, request an extension to Oct. 15, 2020. www.irs.gov/extensions #COVIDreliefIRS

Employers eligible for the new Employee Retention Credit include those experiencing a significant decline in gross receipts. The IRS has posted FAQs to help you figure out this new credit: www.irs.gov/coronavirus #COVIDreliefIRS