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Your CPAs Guide To The New ERC Crisis
IRS Announces Moratorium on the Employee Retention Credit and Provides Guidance for Civil Penalty Amnesty to Withdrawing Improper Claims, Also Known As - Don’t Deposit That Check and Hire Legal Counsel The expansion and strong marketing tactics of good-for-nothing “accounting advisors” who encouraged taxpayers to qualify for the Employee Retention Credit (“ERC”) when they did not technically qualify has caused…
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To Withdraw Or Not To Withdraw Your ERC Claim? Get The Facts Here
The IRS recently made an important announcement on October 19, 2023 regarding the withdrawal process for Employee Retention Credit (ERC) claims. This announcement has left many individuals and businesses wondering whether they should withdraw their claim or not. This decision is especially crucial for those who have used the services…
IRS Says Focus On Millionaires And Large Corporations Is Paying Off, Talks Next Steps
Last month, IRS Commissioner Danny Werfel announced a series of taxpayer initiatives described as a "top to bottom review of enforcement work" at the IRS, thanks to increased dollars from the Inflation Reduction Act. The Act significantly boosted funding for the IRS, guaranteeing tens of millions of dollars over its…
IRS Recommends Tools To Prevent And Report Tax Refund Fraud
In the News On July 3 the Internal Revenue Service warned taxpayers about a mailing that misleads them into believing they are owed a tax refund and includes contact information that does not belong to the IRS. The fraudulent letter requests cellphone numbers, bank account type and routing information, and…
ERC — Withdrawal Process — What Should Business Owners Do?
The IRS today announced a withdrawal process for business owners/tax-exempt managers from their Employee Retention Credit (ERC) claims. The IRS has been taking a hard eye at ERC filings given the significant number of pop-up shop promoters that have been out there ringing the bell and engaged in aggressive marketing.…
IRS Announces Special Process For Withdrawing Inappropriate ERC Claims
Last month, citing "rising concerns about a flood of improper Employee Retention Credit (ERC) claims," the IRS announced a moratorium on processing new ERC claims. At the time, the agency indicated that it was finalizing details for a withdrawal option for those who have filed an inappropriate ERC claim, but…
Why Tax Technology Projects Fail
Technology projects often end in disappointment, and in some cases, they lead to significant financial losses for the companies that undertake them. The statistics are grim: according to Gartner, between 55% and 75% of ERP projects end in failure, and McKinsey reports that 70% of digital transformation initiatives fall short…
The EU’s Latest Plan To Simplify Corporate Taxation
Tax Notes reporter Elodie Lamer discusses the Business for Europe: Framework for Income Taxation (BEFIT) initiative, the European Commission’s latest plan to harmonize and streamline certain aspects of corporate taxation. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I'm David Stewart, editor…
IRS Will Pilot Direct File Program For 2024 Tax Season For Taxpayers In Some States
Earlier this year, the IRS got folks talking when it announced it was launching a pilot program for a free direct online tax filing service. Today, the IRS has confirmed that the program is moving forward for the 2024 filing season. Background As part of the Inflation Reduction Act, Congress…
New York Reports Gambling Revenues Are Up—And So Are Problem Gambling Calls
Online sports betting in New York added $727.4 million in tax revenues in the state’s fiscal 2022-2023 year—and it looks like the trend will continue into the first quarter of the current fiscal year, according to a report by State Comptroller Thomas P. DiNapoli. But not all news is good…
How High-Income Taxpayers Are Misled Into Making Illegal Art Donation Deductions
Tax season can be a stressful time for many individuals, especially high-income taxpayers. With complex tax laws and ever-changing regulations, it can be tempting to seek out shortcuts or schemes to minimize tax liability. One such scheme that has been gaining attention in recent years is the promotion of art…
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