On September 14, 2023, the Internal Revenue Service (“IRS”) announced an immediate moratorium on processing new claims for the Employee Retention Credit (“ERC”) through at least the end of 2023 to protect small business owners from being scammed by aggressive promoters and marketing. IR 023-169 - … [Read more...] about IRS Orders Immediate Moratorium on Processing New Employee Retention Credit (ERC) Claims
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Employee retention Tax Credit (ERTC) Scams
The IRS added widely circulating promoter claims involving Employee Retention Tax Credits (ERTC) as a new entry in the annual “Dirty Dozen” list of tax scams. These promotions can be based on inaccurate information related to eligibility for and computation of the credit. Eligible taxpayers can … [Read more...] about Employee retention Tax Credit (ERTC) Scams
New Recorded Webinar: The Benefits of Voluntary Disclosure for State and Local Taxes
If you missed our live webinar on The Benefits of Voluntary Disclosure for State and Local Taxes, you can watch it now on your YouTube channel here and download two important documents that were discussed during the webinar, the Wayfair Update Overview and the Wayfair Update Chart. Summary of … [Read more...] about New Recorded Webinar: The Benefits of Voluntary Disclosure for State and Local Taxes
Energy Credits and the Inflation Reduction Act
The Inflation Reduction Act was signed into law on August 16, 2022. It includes several expanded or extended tax credits, and it also includes additional funding for the IRS. Many provisions within this Act relate to tax incentives available to taxpayers and their families. Tax credits you may have … [Read more...] about Energy Credits and the Inflation Reduction Act
Back by Popular Demand: Tools, Tips & Tidbits for Tax Year 2022
Several COVID-19 related tax provisions are set to expire for the 2022 tax year: Enhanced Child Tax Credit (reverts back to $2,000 per eligible child under age 18) Enhancements to the Dependent and Child Care Credit Expansions to the Earned Income Tax Credit Charitable deduction for … [Read more...] about Back by Popular Demand: Tools, Tips & Tidbits for Tax Year 2022
IRS Warns Employers About Third Parties Promoting Improper ERTC Claims
There have been many recent news stories on how the IRS is cracking down on businesses claiming Employee Retention Tax Credits (ERTCs) based on improper positions related to eligibility requirements and credit calculations. On October 21st, the IRS issued a press release warning employers to be … [Read more...] about IRS Warns Employers About Third Parties Promoting Improper ERTC Claims