The IRS launched the Employee Retention Credit Voluntary Disclosure Program (ERC-VDP), providing an opportunity for employers to correct mistaken Employee Retention Credit (ERC) claims penalty-free, with submissions due by March 22, 2024.
On January 31, 2024 the House of Representatives passed the Tax Relief for American Families and Workers Act, providing business tax breaks and expanded child care credits. Learn if you should consider filing an extension for your 2023 individual and business tax return and consult with a professional tax advisor for evaluation.
The IRS has introduced a $1 billion penalty relief program to assist approximately 4.7 million taxpayers who did not receive automated collection reminders during the COVID-19 pandemic.
The IRS delayed implementing new, lower reporting requirements for Form 1099-K in 2023 and announced a phased-in approach for 2024.
The IRS has delayed the new Roth catch-up contribution rule for high earners until 2026. This change provides a strategic window for retirement planning, especially as fewer than 20 percent of eligible employees still don’t utilize catch-up contributions.
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.
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.
IRS announces new Hurricane Idalia tax relief and a new February 15, 2024 tax deadline for all individuals and businesses in South Carolina.
A more tech-savvy IRS? That’s the plan, and it’s happening soon. In the 2024 tax filing season, taxpayers will have the option to go entirely paperless with the IRS.
The deadline for claiming the Employee Retention Credit (ERC) is getting closer. If you are an eligible business or nonprofit organization, you still have time to determine your eligibility and file your claim. That time, however, will run out soon with strict filing deadlines coming up in 2024 and 2025.
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