e-News for Small Business Issue 2021-10

e-News for Small Business July 20, 2021
Tax Resources for Small Business Small Business and Self-Employed One-Stop Resource Small Business Forms & Instructions Small Business Events Small Business Webinars e-File for Businesses and Self-Employed Businesses with Employees Small Business Products Self-Employed Individuals S Corporations Other Resources IRS.gov Find it Fast! All Forms and Instructions Filing Your Taxes Make a Payment Taxpayer Advocate Service Retirement Plans Tax Information for Charities and Other Non-Profits State Links SSA/IRS Reporter IRS Social Media	Issue Number:  2021-10 Inside This Issue Tax relief for employer leave-based donation programs that aid victims of the COVID-19 pandemic Avoid these errors when requesting advance payments of employer credits Spread the word: Advance Child Tax Credit information IRS readies nearly 4 million refunds for unemployment compensation overpayments A Closer Look: Providing quality service in challenging times Help improve IRS.gov Other tax news 1. Tax relief for employer leave-based donation programs that aid victims of the COVID-19 pandemic  The IRS extended the tax relief provided in Notice 2020-46 for calendar year 2021 for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic. Back to top 2. Avoid these errors when requesting advance payments of employer credits The IRS reminds employers to carefully read instructions and double-check these key items to avoid errors and processing delays when they complete Form 7200, Advance Payment of Employer Credits Due to COVID-19. Back to top 3. Spread the word: Advance Child Tax Credit information  Online Child Tax Credit eligibility tool now available in Spanish The IRS launched a new Spanish-language version of its online tool, Child Tax Credit Eligibility Assistant, designed to help families determine whether they qualify for the Child Tax Credit and the special monthly advance payments of the credit, due to begin on July 15. See the Child Tax Credit Eligibility Assistant news release for the eligibility assistant and other multi-lingual materials to help families see if they qualify for advance payments. Families receiving monthly Child Tax Credit payments can now update their direct deposit information The IRS upgraded a key online tool to enable families to quickly and easily update their bank account information so they can receive their monthly Child Tax Credit payment. The IRS urges any family receiving checks to consider switching to direct deposit. Back to top 4. IRS readies nearly 4 million refunds for unemployment compensation overpayments The IRS issued another round of refunds last week to nearly 4 million taxpayers who overpaid taxes on unemployment compensation received last year. The refunds for unemployment overpayments news release covers how the IRS is easing burden on taxpayers, depositing refunds, and the amount of unemployment compensation excluded from income under the American Rescue Plan. Back to top 5. A Closer Look: Providing quality service in challenging times The most recent issue of A Closer Look features Karen Michaels, Director, Accounts Management, Wage & Investment, discussing how IRS has been working to provide quality service to taxpayers while actively responding to the impacts of the pandemic, including focusing on the safety and health of taxpayers and IRS employees. "We understand that complex tax issues and the pandemic have many taxpayers confused and looking for help," said Michaels. "We are committed to providing the service they need to help them – on the phone or through whatever channel they prefer – and we will utilize all allocated funding to improve taxpayer communications with our agency." This feature is also available in Spanish. Back to top 6.  Help improve IRS.gov The IRS wants to make it easier to use its website by improving how it's organized. It is looking for feedback on how taxpayers want to find the information they need. Be a part of the study. Background and research goals The goal of this study is to learn how people think about the things they need to do on IRS.gov – how they sort different tasks or topics into groups, and what they would call those groups. Joining the study helps the IRS improve the site's navigation by putting content where most people expect it to be. Time is precious – and the IRS wants to make sure that when taxpayers go to IRS.gov, they can do what they need to quickly and easily. Back to top 7. Other tax news The following information may be of interest to individuals and groups in or related to small businesses: IRS wraps up its 2021 "Dirty Dozen" scams list with warning about promoted abusive arrangements IRS Nationwide Tax Forum kicks off July 20 IRS.gov: The 24/7 summertime spot for tax help Draft Instructions for the Schedules K-2 and K-3 released to enhance reporting of international tax matters by pass-through entities National Taxpayer Advocate assesses tax filing season and identifies areas for IRS improvement in the mid-year report to Congress Treasury, IRS extend safe harbor for renewable energy projects IRS, Treasury release state-by-state data on third round of Economic Impact Payments IRS releases Data Book for fiscal 2020 describing agency's activities during pandemic Back to top           Thank you for subscribing to this IRS email service. This message was distributed automatically from the mailing list e-News For Small Business. 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