![]() You can use various sources to keep yourself informed, such as. The paid family leave credit: A refundable payroll tax credit for employers who provide paid family leave to their employees affected by COVID-19.Īs you can see, staying updated on tax laws and regulations can help you take advantage of the new tax benefits, avoid missing out on any tax opportunities, and comply with the tax obligations.The paid sick leave credit: A refundable payroll tax credit for employers who provide paid sick leave to their employees affected by COVID-19.The payroll tax deferral: An option for employers to defer the payment of their share of Social Security taxes until 2024.The employee retention credit: A refundable payroll tax credit for employers who retain their employees during the pandemic.The CARES Act introduced several new tax provisions that affect HR professionals, such as: In 2023, the Coronavirus Aid Relief Economic Security (CARES) Act was passed in response to the COVID-19 pandemic.Therefore, it is important for HR professionals to stay updated on the latest tax developments and how they impact their business and employees. These changes can affect the eligibility, amount, and limitations of various tax deductions. Tax laws and regulations are constantly changing due to new legislation, court rulings, and administrative guidance. Importance of Staying Updated on Tax Laws and Regulations However, once you choose one method, you cannot switch to the other in the same tax year. You can choose to take either the standard deduction or the itemised deduction, whichever is higher. ![]() Some of the common itemised deductions include: The itemised deduction is a list of specific expenses that you can deduct from your income if they exceed the standard deduction amount. ![]()
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