Tax attorney Daniel Strickland was interviewed by Bloomberg Tax about the IRS' latest efforts to go after fraudulent and overstated employee retention tax credit (ERC) claims. The ERC was created to help businesses keep employees on payroll during the pandemic, but subsequent audits hav...
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View IRS Tax Code Coronavirus Paid Leave Tax Credit for Self Employed Workers paying up to $32,220 NOT a loan-refund of taxes you already paid. Not taxable FFCRA helps Independent business owners and contractors receive money for not being able to work during Covid FFCRA Act to include sel...
View IRS Tax Code Coronavirus Paid Leave Tax Credit for Self Employed Workers paying up to $32,220 NOT a loan-refund of taxes you already paid. Not taxable FFCRA helps Independent business owners and contractors receive money for not being able to work during Covid FFCRA Act to include sel...
COVID-19 Financial Relief,Education,IRS Don’t Believe The Hype: IRS Provides Update on Employee Retention Credit (ERC) Processing July 15, 2024Nancy McClellandLeave a comment Thanks yet again, and as always, to Lisa Simpson from the AICPA Town Hall for her regular updates on what’s going...
https://www.taxbandits.com/form-941/irs-revised-form-941-for-3rd-and-4th-quarters/ For Second Quarter, 2020 The updated new form 941 addresses the economic impacts of COVID-19 by allowing qualifying employers to defer deposits on their payroll taxes, apply for Payment Protection Program (PPP...
In the aftermath of the pandemic, businesses have used the ERC to claim up to $26,000/employee that was retained on payroll during the struggles of COVID-19. However, what began as a lifeline for struggling businesses is now an channel for abuse. Does your ERC consultant have your best...
The IRS released a draft of the2018 1040 tax formbased on the Tax Cuts and Jobs Act. The shorter form is half the size of the current 1040 form and combines all three current 1040 forms (1040, 1040-A, and 1040-EZ) into one 1040 form. This new 1040 Form uses a “building block”...