The IRS (including the Social Security Administration) holds a monthly payroll profession phone meeting. Usually on the first Thursday of the month, it was delayed this month due to the COVID-19 pandemic. It was held yesterday. As expected, the call centered around the latest updates for the pandemic on the new legislation. Here’s the recap for you:
1. There was a brief discussion on the updates the IRS has released, which include:
- Notice 2020-21: discusses tax credits
- Notice 2020-62: retention credits and FAQs
- Notice 2020-54: HSA adjustments for the pandemic
2. It also discussed the latest forms to be released. This includes the Form 7200 and its instructions. This form is used to request tax credits in advance for the Families First Act and the CARES Act.
3. The Form 941 was discussed. It is in the drafting stage and this draft version should be released by the end of next week. This will be the form to use for the second quarter and beyond. It is being redesigned to allow for lines to report the various COVID-19 tax credits. The form will go from two pages to three. It is still unclear whether or not the Schedule B will be revamped as well.
4. Social Security Administration reminded the attendees that they are also on limited staffing so the employer 800# is not being staffed as it is not able to be accessed remotely by employees. Employers are urged, instead, to use the email firstname.lastname@example.org for any questions they may have. This can be staffed from home by SSA staff members. If you have questions on using the Business Services Online (BSO) you should email email@example.com.
The meeting for May will be on schedule and I will have any news from it posted by Friday of the same week.