Issue Number: IR-2020-119 - Inside This Issue
IRS provides guidance on employer leave-based donation programs
that aid victims of the COVID-19 pandemic
WASHINGTON – The Internal Revenue Service today provided guidance for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic.
Notice 2020-46 provides that cash payments employers make to charitable organizations that provide relief to victims of the COVID-19 pandemic in exchange for sick, vacation or personal leave which their employees forgo will not be treated as compensation. Similarly, the employees will not be treated as receiving the value of the leave as income and cannot claim a deduction for the leave that they donated to their employer.
Employers, however, may deduct these cash payments as a business expense or as a charitable contribution deduction if the employer otherwise meets the respective requirements of either section.
Notice 2020-46 provides further details for employers with leave donation programs.
Additional information about tax relief for those affected by the COVID-19 pandemic can be found on IRS.gov.
IRS provides guidance on employer leave-based donation programs
that aid victims of the COVID-19 pandemic
WASHINGTON – The Internal Revenue Service today provided guidance for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic.
Notice 2020-46 provides that cash payments employers make to charitable organizations that provide relief to victims of the COVID-19 pandemic in exchange for sick, vacation or personal leave which their employees forgo will not be treated as compensation. Similarly, the employees will not be treated as receiving the value of the leave as income and cannot claim a deduction for the leave that they donated to their employer.
Employers, however, may deduct these cash payments as a business expense or as a charitable contribution deduction if the employer otherwise meets the respective requirements of either section.
Notice 2020-46 provides further details for employers with leave donation programs.
Additional information about tax relief for those affected by the COVID-19 pandemic can be found on IRS.gov.
Issue Number: Tax Tip 2020-69
Taxpayers will soon be able to file amended tax returns electronically
Later this summer, for the first time taxpayers will be able to file their Form 1040-X, Amended U.S Individual Income Tax Return electronically.
Making this form electronically fileable has been a long-time goal for the IRS. It will greatly benefit the tax professional community and taxpayers.
The new electronic option will allow the IRS to receive amended returns faster while minimizing errors normally associated with manually completing the form. It will also provide the IRS with more complete and accurate data to help customer service representatives answer taxpayer questions.
When the electronic filing option becomes available, taxpayers will only be able to amend tax year 2019 Forms 1040 and 1040-SR returns electronically. In general, taxpayers will still have the option to submit a paper version of the Form 1040-X and should follow the instructions for preparing and submitting the paper form.
Whether an amended return is filed electronically or manually, taxpayers can still use the "Where's My Amended Return?" online tool to check the status of their amended return.
Share this tip on social media -- #IRSTaxTip: Taxpayers will soon be able to file amended tax returns electronically. https://go.usa.gov/xwZVT
Taxpayers will soon be able to file amended tax returns electronically
Later this summer, for the first time taxpayers will be able to file their Form 1040-X, Amended U.S Individual Income Tax Return electronically.
Making this form electronically fileable has been a long-time goal for the IRS. It will greatly benefit the tax professional community and taxpayers.
The new electronic option will allow the IRS to receive amended returns faster while minimizing errors normally associated with manually completing the form. It will also provide the IRS with more complete and accurate data to help customer service representatives answer taxpayer questions.
When the electronic filing option becomes available, taxpayers will only be able to amend tax year 2019 Forms 1040 and 1040-SR returns electronically. In general, taxpayers will still have the option to submit a paper version of the Form 1040-X and should follow the instructions for preparing and submitting the paper form.
Whether an amended return is filed electronically or manually, taxpayers can still use the "Where's My Amended Return?" online tool to check the status of their amended return.
Share this tip on social media -- #IRSTaxTip: Taxpayers will soon be able to file amended tax returns electronically. https://go.usa.gov/xwZVT
During this time, we just want to say, we hope everyone is doing well and staying safe.
If you need anything or have questions about anything, please contact us via the Comment Card section below.
We will continue to update the website with all available information.
Below is a link to all the latest updates as provided by National APA regarding COVID-19.
Be safe. Take care. We love you APA!
If you need anything or have questions about anything, please contact us via the Comment Card section below.
We will continue to update the website with all available information.
Below is a link to all the latest updates as provided by National APA regarding COVID-19.
Be safe. Take care. We love you APA!
Welcome... to Big Orange Payroll Country!!
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Our Mission
To provide economical, quality education and networking opportunities to East Tennessee Payroll Professionals; promote excellence within our profession, motivate and empower our members by providing the tools to be knowledgeable of the constant changing and complex Federal, State and Local regulatory issues. |
Monthly Chapter Meetings
We provide several training events each year. Our regular Monthly Chapter Meeting is held every 3rd Wednesday of the month. We also host a Local Payroll Seminar at least once a year, and we encourage support of the TN Statewide Payroll Conference. Each of these events offers the opportunity for networking, training, and re-certification credits for CPP's & FPC's. Our Director of Education and the officer's board actively seek highly qualified instructors and topics for all our training events.
We provide several training events each year. Our regular Monthly Chapter Meeting is held every 3rd Wednesday of the month. We also host a Local Payroll Seminar at least once a year, and we encourage support of the TN Statewide Payroll Conference. Each of these events offers the opportunity for networking, training, and re-certification credits for CPP's & FPC's. Our Director of Education and the officer's board actively seek highly qualified instructors and topics for all our training events.
Greater Nashville Chapter APA - Chattanooga Chapter
Memphis Chapter - American Payroll Association
Tennessee Statewide Payroll Conference a.k.a. TSWB
East TN Chapter of the American Payroll Association
Post Office Box 70833
Knoxville, Tennessee 37938
EastTNAPA@gmail.com
Post Office Box 70833
Knoxville, Tennessee 37938
EastTNAPA@gmail.com