![]() The COVID-19 related employee retention credit has expired. However, employers that pay qualified sick and family leave wages in 2022 for leave taken after March 31, 2020, and before October 1, 2021, are eligible to claim a credit for qualified sick and family leave wages in 2022. Generally, the credit for qualified sick and family leave wages, as enacted under the Families First Coronavirus Response Act (FFCRA) and amended and extended by the COVID-related Tax Relief Act of 2020, for leave taken after March 31, 2020, and before April 1, 2021, and the credit for qualified sick and family leave wages under sections 3131, 3132, and 3133 of the Internal Revenue Code, as enacted under the American Rescue Plan Act of 2021 (the ARP), for leave taken after March 31, 2021, and before October 1, 2021, have expired. The COVID-19 related credit for qualified sick and family leave wages is limited to leave taken after March 31, 2020, and before October 1, 2021. ![]() A participating payee, in the case of a third-party network transaction, is any person who accepts payment from a third-party settlement organization for a business transaction. The transition period is intended to facilitate an orderly transition for TPSO tax compliance, as well as individual payee compliance with income tax reporting. ![]() The transition period described in Notice 2023-10 delays the reporting of transactions in excess of $600 to transactions that occur after calendar year 2022. The following items highlight some changes in the tax law for 2022.įorm 1099-K reporting transition period. ![]()
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