Withum

JANUARY 4, 2024

Withum and Kostelanetz LLP collaborate to break down ERC tax audits. The employee retention credit (ERC) has exploded in recent years and the IRS has started cracking down on improper and abusive ERC claims. Let’s Chat The post Navigating ERC Tax Audits and Investigations appeared first on Withum.

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audit Tax 110

CPA Practice

OCTOBER 3, 2023

There are a myriad of challenges and changes in the tax codes affecting their business clients each tax season. Those still looking to file an ERC claim can continue to do so under the strict guidance of the IRS and through a certified tax professional, like KBKG. This impacts the Sec.

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Withum

MARCH 7, 2024

There is a lot going on with the employee retention credit (ERC) these days and it can be hard to keep up with the latest developments. Should I File a Protective Income Tax Refund Claim? To prevent this, taxpayers can file a protective income tax refund claim. Is There Legislation Pending That Would Alter the ERC?

Tax 126

Tax income tax tax return audit 126

CPA Practice

APRIL 15, 2024

Few agencies are as perpetually tasked to “do more with less” than the Internal Revenue Service (IRS). Progress was cited in eliminating most of its tax return backlog, more on-time tax refunds, and improvements in customer service availability and responsiveness. Organizations must fight fire with fire.

Tax 119

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CPA Practice

JANUARY 26, 2024

The IRS Criminal Investigation unit will hold educational sessions for tax professionals about the employee retention credit (ERC) next month, the agency announced on Jan. The ERC is a refundable tax credit that was enacted during the height of the pandemic to encourage businesses to keep their employees on payroll.

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CPA Practice

MARCH 26, 2024

Taylor, Kiplinger Consumer News Service (TNS) In a recent announcement, the IRS revealed ongoing efforts to tackle erroneous Employee Retention Tax Credit (ERC) claims. The VDP allowed employers to voluntarily disclose erroneous ERC claims and repay the credits received, with a potential 20% discount.

New Jersey 116

New Jersey audit tax preparation Tax 116

Going Concern

APRIL 5, 2024

A federal grand jury in Newark, New Jersey, returned an indictment Wednesday charging tax preparer Leon Haynes of Teaneck, New Jersey with fraudulently seeking more than $150 million from the IRS by filing more than 1,600 false tax returns for himself and his clients that claimed COVID-19-related employment tax credits.

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tax preparation tax return New Jersey Tax 92

Accounting Today

FEBRUARY 20, 2024

The Internal Revenue Service's Criminal Investigation unit has been investigating bogus claims for the employee retention credit and educating tax professionals about the problems they can encounter.

Education 120

Education Tax 120

CPA Practice

APRIL 1, 2024

Since 2021, the American Institute of CPAs (AICPA) has spoken out against unscrupulous third-party vendors promoting improper Employee Retention Credit (ERC) claims. The Internal Revenue Service has heeded the concerns of CPAs from across the country and taken steps to curb fraudulent ERC claims.

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CPA Practice

MARCH 15, 2024

The Internal Revenue Service has renewed its message for businesses to review the Employee Retention Credit guidelines to avoid future compliance action for improper claims. This option lets a taxpayer repay the incorrect ERC, minus 20 percent, for any tax period they weren’t eligible for ERC.

Tax 117

Tax tax return audit Start-ups 117

CPA Practice

MAY 26, 2023

The IRS has announced that it’s “open season” on false claims for the Employee Retention Credit (ERC). This type of scheme was recently included on the IRS’ list of the Dirty Dozen tax scams to watch out for in 2023. Anyone who is considering claiming this credit needs to carefully review the guidelines.

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RogerRossmeisl

JANUARY 1, 2024

As reported via IR-2023-247 on 12/21/2023 As part of an ongoing initiative aimed at combating dubious Employee Retention Tax Credit (ERTC) claims, the Internal Revenue Service launched a new Voluntary Disclosure Program to help businesses who want to pay back the money they received after filing ERTC claims in error.

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Cherry Bekaert

JANUARY 24, 2024

The Internal Revenue Service (IRS) has taken several steps to tackle the millions of invalid Employee Retention Credit (ERC) claims. The IRS created the VDP to allow taxpayers to report any potentially incorrect ERC claims by paying back 80% of the tax credit received by the company.

Tax 102

Tax 102

CTP

OCTOBER 2, 2023

Most taxpayers would say they want to take every legally permissible step to lower their tax bill. Yet each year taxpayers fail to claim tax credits they are fully eligible to receive. These credits are often attached to behavior or practices that taxpayers are already engaged in.

Tax 97

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CPA Practice

MAY 25, 2023

The IRS has announced that it’s “open season” on false claims for the Employee Retention Credit (ERC). This type of scheme was recently included on the IRS’ list of the Dirty Dozen tax scams to watch out for in 2023. Anyone who is considering claiming this credit needs to carefully review the guidelines.

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audit general ledger income tax tax return 130

CPA Practice

AUGUST 11, 2023

From the Kiplinger Consumer News Service (via TNS). Employee retention credits have been in the news lately. The Department of Justice recently arrested a New Jersey tax preparer for allegedly seeking more than $124 million from the IRS. million in tax refunds to Haynes’ clients based on false tax form filings.

New Jersey 98

New Jersey tax preparation Tax auditor 98

Going Concern

APRIL 3, 2024

With the 2024 filing season winding to a close, the IRS is rolling out its annual ‘Dirty Dozen’ list of the “worst of the worst” scams taxpayers, business owners, and tax practitioners should be aware of. Unexpected tax refunds are another potential lure for scam artists.

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Accounting Today

MARCH 21, 2024

The Internal Revenue Service is urging businesses that have filed claims for the Employee Retention Credit to make sure they didn't incorrectly claim the credit and to come forward if they did.

Tax 110

Tax 110

CPA Practice

AUGUST 3, 2023

For the last two years, the American Institute of CPAs (AICPA) has diligently and consistently advocated on behalf of taxpayers and CPAs to the Internal Revenue Service (IRS) and the Department of the Treasury regarding unscrupulous third-party vendors promoting improper Employee Retention Credit (ERC) claims.

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MyIRSRelief

JULY 3, 2023

ERC IRS Audit Representation: Your Comprehensive FAQ Guide The Employee Retention Credit (ERC) has been a lifeline for many businesses during challenging times, providing substantial relief. Contact us for professional tax help today! Understanding ERC IRS Audits 1.1 What is an ERC IRS Audit? ERC IRS Audit Process 2.1

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ThomsonReuters

MARCH 5, 2024

tax system, including provisions affecting both individuals and businesses. Among these were several payroll-related provisions that are set to expire at the end of 2025, presenting challenges and opportunities for employers and employees alike. Director of Federal Tax Quality Control at Aprio, began.

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CPA Practice

MARCH 20, 2024

Over the last several years, many unscrupulous tax credit promoters that marketed misleading information about the Employee Retention Credit (ERC). Good people have gotten caught up in the frenzy around this credit, and the IRS wants to help those who want to get right through these special, limited-time programs.

Government 119

Government Tax payroll audit 119

Accounting Today

MARCH 22, 2024

The Internal Revenue Service's efforts to halt fraudulent claims for the Employee Retention Credit have protected more than $1 billion since the IRS instituted a processing moratorium.

Tax 107

Tax 107

Cherry Bekaert

SEPTEMBER 29, 2023

The Employee Retention Credit (ERC) was created to reward companies that continued paying employees when operations were negatively impacted by the COVID-19 pandemic. Contact Us The post Employee Retention Credit (ERC) Updates September 2023 appeared first on Cherry Bekaert.

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audit Tax Government 110

Cherry Bekaert

JANUARY 22, 2024

Newly proposed legislation, the Tax Relief for American Families and Workers Act of 2024 (the Act) , could potentially move the deadline for the Employee Retention Credit (ERC) claim submissions to the end of January 2024. tax returns for the 2022 tax year. The Act would restore the 12.5%

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Tax tax return Missouri Oregon 52

CPA Practice

DECEMBER 13, 2023

Tax season can be exhilarating for its intensity but stressful if your firm has all its balls in one court. Diversifying with tax-adjacent advisory services can add value to your existing clients, build recurring revenue streams and increase the likelihood of your tax clients returning next season. By Alex Loewenstein.

Tax 105

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Going Concern

APRIL 12, 2024

ICYMI: These are the most-read articles on Going Concern this week: Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries? This situation worsened in 2023,” says the report, which was tabled in council in March.

CPA 87

CPA auditor Tax audit 87

ThomsonReuters

JANUARY 4, 2024

But where do you begin building your tax planning strategy? Tax planning strategy #1: Utilize short-term staffing solutions As tax season begins, firms in need of a short-term boost in headcount should consider outsourcing services to increase workload capacity. Partial outsourcing is also an option.

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ThomsonReuters

JULY 13, 2023

If you’re part of a small or medium-sized tax and accounting firm, you may think artificial intelligence (AI) solutions are solely designed for large organizations – but think again. Boost tax workflow efficiency through automation Empower and engage staff Wow clients with enhanced services 1.

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Withum

DECEMBER 8, 2023

The Internal Revenue Service (IRS) is continuing its crack down on dubious claims for the employee retention credit (ERC), a refundable tax credit for certain businesses that paid employees during the COVID-19 pandemic. The ERC team at Withum can help.

tax preparation 126

tax preparation audit Tax 126

Cherry Bekaert

AUGUST 23, 2023

Watch our video to learn how to qualify for R&D Tax Credits and the Employee Retention Credit (ERC). Research and development (R&D) tax credits and the Employee Retention Credit (ERC) have provided valuable incentives and cash flow to businesses.

Tax 40

Tax 40

KROST

OCTOBER 21, 2021

In Late September 2021 Governor Newsome signed Assembly Bill (AB) 150 establishing the Main Street Small Business Tax Credit II. Taxpayers that qualified for Employee Retention Credit may also qualify for the Main Street Small Business Tax Credit. Number of employees as of December 31, 2020.

Maine 91

Maine California business tax Tax 91

Accounting Today

OCTOBER 19, 2023

The Internal Revenue Service is giving employers a way to rescind inaccurate claims for the Employee Retention Credit if they've fallen victim to a scam at the hands of so-called "ERC mills."

Tax 130

Tax 130

CPA Practice

APRIL 17, 2023

By Bruce Willey, JD, CPA, Kiplinger Consumer News Service (TNS) A buzzword appeared in the world of small business about a decade ago: the accountant as “most trusted advisor.” As a certified public accountant, I’m flattered that we’re consulted for a growing range of business needs, including rising taxes.

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Withum

MARCH 22, 2023

Withum’s Healthcare Services Team discuss the 2023 Healthcare Industry Tax Updates. List and categorize potential Clean Energy Refundable Tax Credits and other opportunities for healthcare organizations as a result of the Inflation Reduction Act of 2022.

Healthcare 52

Healthcare Tax Hospitality CPA 52

Cherry Bekaert

APRIL 2, 2024

The Inflation Reduction Act of 2022 (IRA) opened the direct pay program for not-for-profit or tax-exempt organizations to qualify for energy tax credits if they were investing in clean energy solutions. Contact Us The post Direct Pay for Not-for-Profits appeared first on Cherry Bekaert.

Tax 59

Tax 59

Nancy McClelland, LLC

MARCH 22, 2024

The IRS is offering an amazing deal to those who either fraudulently or mistakenly claimed Employee Retention Credits (ERC) to which they weren’t entitled. million claims have been submitted, and the IRS refunds run up to $26,000 per employee… we’re talking about big dollars here.

Tax 52

Tax tax preparation CPA audit 52