IRS Information on a Few Tax Topics

The IRS has released some information a few tax topics that we wanted to share with you:

  • According to a recent IRS Fact Sheet, “The American Rescue Plan Act of 2021 (ARP) allows small and midsize employers, and certain governmental employers, to claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19, including leave taken by employees to receive or recover from COVID-19 vaccinations.” Read more here.

  • For businesses who did not deduct any of the original eligible Paycheck Protection Program (PPP) expenses because they relied on guidance issued before the enactment of tax relief legislation in December of 2020, they are able to deduct those expenses on the return for the immediately subsequent year. Read more here.

  • According to a recent IRS News Release, “Beginning January 1, 2021, through December 31, 2022, businesses can claim 100% of their food or beverage expenses paid to restaurants as long as the business owner (or an employee of the business) is present when food or beverages are provided and the expense is not lavish or extravagant under the circumstances.” Read more here.

  • Some taxpayers are experiencing delays with receiving their refunds. The Taxpayer Advocate Service (TAS) is an independent organization within the IRS that ensures every taxpayer is treated fairly and that you know and understand your rights with the IRS. The TAS recently released a memo titled “TAS’s Ability to Help With Delayed Refunds Is Limited.” Read more here.


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