IRS processing 400,000 ERC claims worth $10 billion Sunday, October 13, 2024 Photo by Ketut Subiyanto There’s good news for businesses that filed accurate Employee Retention Credit (ERC) claims. The Internal Revenue Service says it has accelerated work on claims of COVID-19 pandemic tax ...
The Joint Chiefs of Global Tax Enforcement, consisting of the IRS’s Criminal Investigation unit, with representatives of the UK, Canada, Australia, and the Netherlands (known as the Joint Chiefs of Global Tax Enforcement or the J5) meets yearly to discuss and cooperate on combating common ...
In the ruling, the IRS specifically rejected the use of the tax benefit doctrine to delay the taxable event until the PPP loan is actually forgiven. For example, assume the taxpayer obtained a $ 1 million PPP loan, and during the taxpayer’s covered period, used all $1 million to pa...
The IRS makes these adjustments every year. While the 2022 federal tax brackets have reflected changes;it's the 2023 changesthat are likely to make more of a difference, according to Armine Alajian, a CPA and the founder of the Alajian Group. "Taxpayers will likely see the effect of the ...
IRS and FBI warn about business cyber scams that target COVID teleworkers(Friday, Dec. 4, 2020) COVID relief 2.0 could offer some donors a bigger charitable tax deduction(Thursday, Dec. 3, 2020) Use Form 8915-E to report, repay COVID-related retirement account distributions(Tuesday, Nov....
Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed | Internal Revenue Service [Internet] IRS News Release (2020) [cited 2020 Jun 13]. Available from: https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-dead...
During the financial crisis beginning in 2008, the IRS issued several revenue procedures implementing and extending rules that permitted all REITs with stock publicly traded in the U.S. to issue cash/stock dividends and allowed the aggregate cash limit to be as low as 10% (allowing 90% of th...
IRS Posts FAQs on Paid COVID-19-Related Sick and Family Leave: Employer Tax Credits for Small Businesses Are Provided under the Families First Coronavirus Response ActThe IRS posted FAQs (available at tinyurl.com/y8skgtuq) on the employer tax credits for paid sick...Schreiber, Sally...
IRS releases Payroll Tax Holiday Guidance The IRS has issued guidance on President Trump’s August 8 payroll tax holiday memorandum. The notice from Treasury allows, but does not force, employers to postpone payroll taxes for the period starting September 1, 2020, and ending December 31, 2020....
COVID-19: US Tax Considerations Judicial Response to COVID-19 Crisis Reduced IRS Audits and Litigation Potential Securities Litigation Issues Company Earnings Guidance and Market Outreach During the Coronavirus Pandemic Commercial and Financial Agreements ...