The IRS today released an advance version of Notice 2021-24 to amplify prior penalty relief provided by the IRS with regard to employers’ deposits of federal employment taxes—including deposits of withheld income taxes and employment taxes—that are reduced in anticipation of tax credits under legislation enacted to address the coronavirus (COVID-19) pandemic.
The IRS in late March 2020 issued Notice 2020-22 to provide penalty relief for an employer’s failure to timely deposit employment taxes. Read TaxNewsFlash
Notice 2021-24 [PDF 110 KB] released today extends the penalty relief provided by Notice 2020-22 to apply to deposits of employment taxes reduced in anticipation of the following credits:
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