THE TRANSATLANTIC MAGAZINE
The Taxpayer Advocate Service (TAS) has launched a new tool to assist businesses and entrepreneurs to understand what Covid-19 tax relief they may be eligible to claim.
As the coronavirus pandemic unfolded, the US Government enacted several new laws with a range of relief packages designed to support businesses in light of the economic impacts of lockdown. As TAS explains, some of these packages "allow for an immediate dollar-for-dollar tax offset against payroll taxes to help pay for employee sick leave and some are designed to help keep employees on your payroll."
In order to assist businesses and those who are self employed to navigate some of the relief options, TAS's new tool asks a series of questions and offers an insight into the types of relief which may be available. The process should take no longer than 5 minutes to complete. Although it isn't designed to replace formal guidance or official guidelines, it can help to understand what you may be entitled to claim on and also includes links to other helpful resources.
To use the tool, go to the TAS website at taxpayeradvocate.irs.gov/biztaxrelief