Federal Tax

Upcoming Deadline for Quarterly Payroll Tax Return

Employers: The next quarterly payroll tax return is due Nov. 1. The IRS is urging employers to file the returns electronically. In addition, be aware that the tax credits for qualified sick and family leave wages have been extended and amended by the American Rescue Plan Act. These credits for qualified sick and family leave wages give businesses with less than 500 employees funds to provide their employees with paid leave, either for an employee’s own health needs or to care for family members. The Employee Retention Credit was also extended and amended. It’s a refundable tax credit against certain employment taxes equal to 50% of qualified wages an eligible employer pays employees. Reach out to the Cg Team for more information. © 2021