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
COVID-19
Update on Student Loan Forgiveness & COVID-19 Student Loan Pause
Since our last update on student loan forgiveness in late 2022, there have been several new developments that we will unpack in this article. As certain pieces of the forgiveness program made their way to the U.S. Supreme Court, an update on that ruling will also be provided along with key … [Read more...] about Update on Student Loan Forgiveness & COVID-19 Student Loan Pause
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
Delayed COVID-19 Relief
Many businesses are asking why the relief requested during the COVID-19 outbreak has still not arrived and wondering if there are issues with their request. According to the U.S. Treasury Inspector General for Tax Administration (TIGTA), they confirm that some businesses are waiting for relief amid … [Read more...] about Delayed COVID-19 Relief
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
Applications Now Being Accepted for NY COVID-19 Capital Costs Tax Credit Program
NY Gov. Kathy Hochul announced this week that applications are now being accepted from small businesses that have successfully completed the prescreening process to become certified for the COVID-19 Capital Costs Tax Credit Program, where small businesses are eligible for a tax credit of 50% of … [Read more...] about Applications Now Being Accepted for NY COVID-19 Capital Costs Tax Credit Program