Forbes.com The Internal Revenue Service announced new, higher contribution limits for health savings accounts for 2021 today. You’ll be allowed to contribute $3,600 for individual coverage for 2021, up from $3,550 for 2020, or $7,200 for family coverage, up from $7,100 for 2020.

IRS Publication 549, providing guidance to employers about the three refundable employer tax credits, which were established by the Coronavirus Aid Relief and Security Act ( CARES) and the Families First Corornavirus Response Act (FFCRA). https://www.irs.gov/pub/irs-pdf/p5419.pdf

The IRS released a revised Form 941, Employer’s Quarterly Federal Tax Return, and its instructions to be used beginning with the second quarter of 2020 (due July 31, 2020). The form has been updated to accommodate reporting of COVID-19-related employment tax credits and other relief.

The IRS released Form 941 instructions and instructions to Schedule B for the second, third and fourth quarters of 2020 in late June. Several issues have now arisen with the deferral of the employer’s 6.2% share of Social Security taxes. Designating Deferrals Although employers can’t defer a deposit of Social Security taxes they’ve already made, employers may be […]

On August 8, 2020, President Trump signed memorandums directing the Secretary of the Treasury “to defer the withholding, deposit, and payment” of the employee share of social security tax on wages paid between September 1 and December 31, 2020; and directing the Secretary of Education to extend student loan relief until December 31, 2020.

The IRS is allowing employers to extend the claim period for flexible spending arrangements (FSAs) and dependent care assistance programs and also allowing employees to make mid-year changes to §125 cafeteria plans [IR-2020-95, 5-12-20]. The changes may be applied retroactively to January 1, 2020. This guidance is due to COVID-19.

The IRS released guidance on how employers must report the amount of emergency sick leave wages and expanded family leave wages (together, qualified leave) paid to employees under the Families First Coronavirus Response Act (FFCRA) between April 1 and December 31, 2020 [Notice 2020-54, 7-8-20].

The Internal Revenue Service (IRS) issued Notice 2020-54, which requires employers to separately report Qualified Sick Leave Wages and Qualified Family Leave Wages paid under the Families First Coronavirus Response Act^[1](FFCRA) on 2020 Forms W-2, Box 14, or on a separate statement.

The IRS released a revised Form 941, Employer’s Quarterly Federal Tax Return, and its instructions to be used beginning with the second quarter of 2020 (due July 31, 2020). The form has been updated to accommodate reporting of COVID-19-related employment tax credits and other relief.

The U.S. Department of Labor (DOL) released a temporary rule to implement the emergency paid sick leave and expanded family and medical leave requirements included in the Families First Coronavirus Response Act (FFCRA) [85 F.R. 19326, 4-6-20]. The rule is effective April 1, 2020, until December 31, 2020.