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
Tax Relief
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
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
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
2021 Child Tax Credit and Advance Payments: A Deeper Dive
The American Rescue Plan not only expanded the amount of the Child Tax Credit, but also created a newly advanceable monthly payment that commenced on July 15th and is expected to continue monthly for the remainder of the 2021 tax year. The advance monthly payments are new and were rolled out … [Read more...] about 2021 Child Tax Credit and Advance Payments: A Deeper Dive
Employer Tax Credit for COVID-19 Vaccination Paid Time Off
One of the tax relief provisions included in the American Rescue Plan includes a refundable tax credit to eligible employers for paid time off (PTO) related to obtaining a COVID-19 vaccine. Eligible employers include businesses and tax-exempt organizations with less than 500 employees and certain … [Read more...] about Employer Tax Credit for COVID-19 Vaccination Paid Time Off