Earlier this year, the U.S. Department of Labor’s (DOL) Office of Public Affairs officially responded to whether employers could pay employee wages in cryptocurrencies. The DOL explained that regulations under the Fair Labor Standards Act (FLSA) provide that wage payments may be made in cash or negotiable instruments (payable at par). In cryptocurrency, employers cannot make base wages (salaries or minimum wages) or overtime pay. Paying bonuses and other incentive payments in cryptocurrency is a…
Tag: IRS
Aatrix Has You Covered: What To Do If You Receive A Notice From A Federal Or State Agency
As we work our way through the first quarterly filing period of 2022, most of us hope we don’t get a surprise from the Federal or State agencies we work with in the form of an official notice. If you do happen to get a notice from one of the many agencies you work with, Aatrix is here to help with any filing issue you encounter after eFiling using the Aatrix eFile Center.
IRS Rules Lower W2 Electronic Filing Threshold
The IRS proposed regulations amending the rules for filing electronically that reduces the threshold for filing W-2s. The Taxpayer First Act proposes wide-sweeping changes in an effort to modernize the IRS and improve the efficiency of the taxpayer experience when filing taxes. This is further evidence of the government’s commitment to e-filing. Electronic filing makes processing returns much easier for the IRS.
6 Things You May Not Know About The Child Tax Credit
Some 36 million American families have received letters from the Internal Revenue Service (IRS) notifying them they are eligible for monthly payments of up to $300 per child by expanding an existing tax credit. These payments, approved as part of the American Rescue Plan, allows families to receive a $3,000 annual benefit ($250 each month) for each child aged 6-17 and $3,600 (or $300 a month) for each child under age 6 for the 2021 tax year. What You May Not Know The payments received in…
