Highlights from E-News for Small Business Issue 2021-05

IRS provides guidance for employers claiming the Employee Retention Credit for first two quarters of 2021

The Internal Revenue Service issued guidance for employers claiming the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act).

To review these changes, see Notice 2021-23.

Additional coronavirus relief information for businesses is available on IRS.gov.


Free workshop helps small business owners understand and meet tax obligations

The Small Business Virtual Tax Workshop helps educate small business owners about their taxes. It’s free and available online 24/7.

The updated chapters contain direct links to more specific topics within each lesson, like chapters in a book. Viewers can choose the lessons that apply to their small business. They can also pause and bookmark lessons so they can review information later.

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IRS urges employers to take advantage of the Work Opportunity Tax Credit

Giving someone a work opportunity may translate into a business tax credit for you and greater stability for a family. The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers for hiring individuals from certain targeted groups who have consistently faced significant barriers to employment.