Summer may be in full swing, but tax practitioners still need to be mindful of certain alerts and deadlines that might have gotten lost in the shuffle earlier this year.

Annette Nellen, CPA, CGMA, Esq., Tax Professor – MST Program at San Jose State University, and a past Chair of the AICPA Tax Executive Committee, shares her summer hit list of items to be aware of including:

• Discussion on how to repay any deferred payroll taxes from 2020
• Documentation needed for the employee retention credit (ERC) and other COVID-19 payroll tax credits
• Treatment of other COVID-19 relief including grants and debt cancellation programs

What you'll learn in this episode

• General overview of the deferred payroll taxes (1.20)
• How self-employed individual and household employers can repay deferred Social Security taxes (4.29)
• Accrual method employer treatment of the deferred payroll taxes (9.42)
• ERC and sick leave credit documentation requirements (11.22)
• Tax treatment of other COVID-19 relief (23.00)

AICPA resources

• Employer retention credit guidance – Collection of resources and guidance on the latest with the ERC

Other resources

• Use Tax Pro Account – Information on how to request Power of Attorney (POA) or Tax Information Authorization (TIA) online
• COVID Tax Tip 2021-96: How self-employed individuals and household employers repay deferred Social Security tax – Provides information on how these taxpayers can repay the deferred payroll taxes
• COVID Tax Tip 2021-99: Making payments for deferred tax reported by third party payers – Pointers on how to make payments for deferred payroll tax by third party payers

Note: If your podcast app does not hyperlink to resources, visit https://taxodyssey.libsyn.com to access show notes with direct links.

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