Employee Retention Credit Update
Following a pause on new Employee Retention Credit claims in September, the IRS is giving businesses an option to withdraw ERC claims if there is concern about the claim’s inaccuracy.
“Greatest of All-Time” Internal Revenue Code Sections
After 38 years serving hundreds of U.S. taxpayers, Tax Partner Sean O’Connell shares his “Greatest of All Time” top 10 list of Internal Revenue Code Sections – all of which are still in effect.
Expatriating Americans: Beware the Exit Tax
For a variety of reasons, many Americans living overseas contemplate relinquishing their citizenship. This process has a number of ramifications that warrant serious consideration. This article will focus on the tax impact of renouncing US citizenship — the US Exit Tax.
North Carolina budget passes with tax cuts and other modifications
North Carolina passes budget almost three months after fiscal year begins with new taxes, accelerated tax cuts and other taxpayer-friendly provisions.
Employee Retention Credit Processing Halted by the IRS Amid Widespread Fraud
On September 14 2023, the IRS halted all new employee retention credit claims to combat rampant tax fraud. If a business has an open ERC refund claim, they are strongly encouraged to evaluate their eligibility with a professional tax advisor.
How Do I Complete a W-8BEN-E Form? … and What Is It?
If you are reading this article you have likely been tasked to complete the 30 Part, 8 page IRS form filled with mystifying acronyms. We feel your pain. The key takeaway is that you can save on tax and paperwork grief by completing this correctly.
What to do if you filed an employee retention credit claim with the IRS
ERC submissions are under scrutiny by the IRS due to a surge in questionable claims. Are you confident your claim meets the eligibility requirements and can stand up to a potential audit?
IRS halts employee retention credit processing
The IRS has temporarily halted processing of employee retention credit claims and will provide additional guidance for businesses.
What Small Businesses Need to Know about the Beneficial Ownership Information Report
Starting on January 1, 2024, millions of small businesses will be required to file a new information reporting form as part of the Corporate Transparency Act. Many PBMares clients will be affected.
IRS Provides Tax Relief and Extension for South Carolina and Florida Taxpayers Impacted by Hurricane Idalia
IRS announces new Hurricane Idalia tax relief and a new February 15, 2024 tax deadline for all individuals and businesses in South Carolina.