Question

We have heard recently how the IRS has been on skeleton staff due to the pandemic....

We have heard recently how the IRS has been on skeleton staff due to the pandemic. Are they still releasing things like announcements?  

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Answer #1

Yes, IRS is still releasing things like announcements, but as it has been on skeleton staff due to the pandemic it has been releasing only important and necessary announcements only.

For instance on May 7, 2020 IRS released an announcement with regards to three new credits that are available to many businesses hit by COVID-19. In this announcement IRS gave insight into employee retention credit that will encourage businesses to keep employees on their payroll. The quantum of this credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. Besides this the IRS also gave information with regards to paid sick leave credit and family leave credit as well.

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