Complying with Year-End Reporting Requirements for Qualified Sick and Family Leave Wages Paid in 2021

Communication, NewsBy sassetti October 19, 2021

The IRS has issued guidance to employers on year-end reporting for sick and family leave wages that were paid in 2021 to eligible employees under recent federal legislation. IRS Notice 2021-53, issued on September 7, 2021, provides that employers must report “qualified leave wages” either on a 2021 Form W-2 or on a separate statement,…

House Ways and Means Committee Releases Initial Tax Proposals

News, TaxBy sassetti October 18, 2021

On September 13, 2021, the House Ways and Means Committee released draft legislation that proposes a series of tax increases and tax cuts, which will undergo a round of markups by the committee. Most tax proposals were anticipated; however, the House provided a few surprises. Income Tax Provisions Section 1202 – Qualified Small Business Stock…