Relief is granted for failing to make employment tax deposits due to Coronavirus (COVID-19). IRS Notice 2020-22 provides relief to employers entitled to refundable tax credits under the Families First Coronavirus Response Act (FFCRA) and the “Coronavirus Aid, Relief, and the Economic Security (CARES) Act.” Normally, tax law imposes a penalty for failing to deposit amounts as required on prescribed dates, unless there is reasonable cause. There’s now relief from the penalty for failing to timely deposit employment taxes to the extent the amounts are equal to or less than the refundable tax credits an employer is entitled to under the FFCRA and the CARES Acts. Contact us for more info.
04
Apr