IRS Update on COVID-Related Provisions

The Internal Revenue Service has issued Alert Number 2020-06, which provides guidance to a number of modifications initiated due to their response to COVID matters, including:

  • Deferral of Employment Tax Deposits
  • New Employee Retention Credit
  • Paid Sick and Family Leave Credits
  • Other References to related COVID matters
  • Draft Form 941 and Instructions

We recommend that you review these updates on a regular basis to ensure compliance with IRS Guidance.

If we can be of assistance, please do not hesitate to call us at 317-608-6699. Thank you!

This communication is intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

COVID-19 Resource Center

At Sponsel CPA Group, we are keenly aware of the impact of the coronavirus (COVID-19) and have created a resource center with important information. View Resources