IRS warns against COVID-19 fraud; other financial schemes
In a news release last week, the IRS cautioned that criminals are continuing to use the COVID-19 Economic Impact Payments as cover for schemes to steal personal information and money. The IRS Criminal Investigation unit has already seen scams related to the organized selling of fake at-home test kits, offers to sell fake cures, vaccines, pills and advice on unproven treatments for COVID-19. Other scams purport to sell large quantities of medical supplies through the creation
New Employer Tax Credits
The IRS recently issued Publication 5419, New Employer Tax Credits (PDF)to help employers understand that tax credits available to them due to the coronavirus pandemic. The one-page document breaks down the details of the Employer Retention Credit and the credits for paid sick and family leave in easy-to-follow charts. Using the document, employers can quickly determine whether they are eligible for the credits, the amount of the credits and which wages apply to the credits.