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With the increasing use of cryptocurrencies, the IRS is attempting to address the growing tax gap with new reporting requirements. Transactions involving cryptocurrencies (also known as virtual currencies) are becoming more and more common. The Internal Revenue Service (IRS) defines virtual currency as a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value.
Several pieces of legislation have made changes to the refundable payroll tax credit since its inception in 2020. The employee retention credit (ERC) was originally created in the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 (P.L. 116-136). A refundable payroll tax credit rather than an income tax credit, the ERC was originally applicable to wages paid after March 12, 2020, through the end of 2020.
The CARES Act modifies the carryback rule for net operating losses and makes them fully deductible as they were before the Tax Cuts and Jobs Act. One of the major tax benefits of the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 (P.L. 116-136) was the modification of the net operating loss rules.
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