News for Your Week Ahead: July 15, 2021

Jim Dawson of Miles & Stockbridge joins us to discuss SDAT’s elimination of fees related to filing the articles of dissolution of a business, how it affects reinstating businesses, and what effect it will have on forfeitures.

Watch on YouTube.

Coming Up: On Wednesday, July 21 at 2 p.m., Bob Jennings of TaxSpeaker will join us to talk about an exciting new benefit he will be offering to MSATP members!

Be sure to Like/Follow us on Facebook so you can catch MSATP TV live every week!

IRS Readies Nearly 4 Million Refunds for Unemployment Compensation | IR-2021-151

The Internal Revenue Service announced it will issue another round of refunds this week to nearly 4 million taxpayers who overpaid their taxes on unemployment compensation received last year.

The American Rescue Plan Act of 2021, which became law in March, excludes up to $10,200 in 2020 unemployment compensation from taxable income calculations. The exclusion applied to individuals and married couples whose modified adjusted gross income was less than $150,000.

For more information, please click here.

IRS Provides Guidance for Multiemployer Retirement Plans Receiving Assistance from the PBGC | IR-2021-148

The Internal Revenue Service provided guidance for multiemployer qualified retirement plans that receive special financial assistance from the Pension Benefit Guaranty Corporation (PBGC) and for participants and beneficiaries in those plans.

Notice 2021-38 provides guidance under provisions of the American Rescue Plan Act of 2021 regarding special financial assistance paid by the PBGC to eligible multiemployer defined benefit pension plans that are financially at risk.

For more information, click here.

Making Payment for Deferred Tax Reported by Third-Party Payers | COVID Tax Tip 2021-99

The Coronavirus, Aid, Relief and Economic Security Act – CARES Act – allowed employers to defer the deposit and payment of the employer’s share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes.

Here are some important dates for people to know:

• The deferral applies to those taxes for the period March 27, 2020, through December 31, 2020.
• Employers must pay 50% of the amount eligible to be deferred by December 31, 2021, and the remaining deferred tax by December 31, 2022.
• If any portion of the employer’s share of Social Security tax is not deposited or paid by the applicable date, penalties and interest will apply.

For more information, click here.

Renting Your Vacation Home

The IRS has released tax tips about renting your vacation home. To watch please click here.