Dates Coming Up
October 6th – This is the final date for you to process third quarter corrections or report tax credits without requiring amended returns. Any corrections processed after day end of the 6th will require amendments.
October 18th – Estimated date for tax returns to be available in iSolved under “Quarterly Reports on Demand”.
November 1st – Amendments for third quarter will start being created.
Social Security Tax Update
Update for any client who deferred Social Security tax amounts in 2020. The IRS has started sending out letters informing you of the total amount due on your account and when you need to have the amounts paid. Half of the total deferral will be due by December 31, 2021, and the other half will be due by December 31, 2022. Dominion Payroll will be sending out more detailed communication about these payments in the next few weeks.
COBRA Credits Update
For any clients who have submitted COBRA credits after the initial 941 filing for second quarter and are waiting on amendments to be created, we wanted to pass along an update. The IRS has not yet released the 941X format to include the COBRA credit, so we must wait until that is approved to submit any amendments. We will be monitoring this and be submitting as soon as they have released it for filing. We are sorry for the delay.’
