An end to COVID-19-era tax breaks will change how taxpayers file deductions this year and will likely mean smaller refunds or bigger balances due for many Americans,the Internal Revenue Service (IRS) said. Among the several pandemic tax credits returning to 2019 levels is the Child Tax Credi...
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...
The IRS hasannouncedthat the 2025 tax season start date (for 2024 income tax return filing) is Monday, January 27, 2025. In a few recent years, the tax start date was delayed a few weeks into February, with the complexities created by COVID and stimulus checks. This year, the start of...
IRS sending up to $1,400 to 1 million who missed out on COVID stimulus checks in 2021 Sunday, December 22, 2024 Photo by Kaboompics.com The Internal Revenue Service is sending out holiday gifts this month to around a million people. The recipients are people who were eligible for, but...
Employers are not subject to payroll tax liability Employers receive 100% reimbursement for paid leave Health insurance costs included Self employed individuals receive a similar credit Small Business Protection Small businesses with less than 50 employees can be eligible for an exemption from the require...
If the thought of filing 2020 taxes intimidates you, here’s how to break it down to small actionable steps. First, request documents such as a W-2, 1098, 1099, or 5498 from your bank and employers. If this isn’t an option, you can request an online transcript from the IRS using ...
including the role of cryptocurrency and the financial technology industry in tax evasion. Also discussed is how the COVID-19 pandemic is not only impacting the work of tax enforcement officials globally, but also potential tax policy and legislation shifts driven by the increased demands for ...
Take advantage of the EMPLOYEE RETENTION CREDIT Employee retention tax credits (ERC or ERTC) are an incredibly valuable benefit for employers that faced the COVID-19. By taking advantage of this program, eligible businesses can receive a cash stimulus payment of up to $26,000 PER EMPLOYEE in...
this tax credit can still be retroactively claimed on wages paid throughout 2020 and select quarters of 2021. However, with a shift in the IRS’s messaging since the ERC’s initial release, many employers now wonder whether or not they qualify for the credit, and if they do, wh...
You must file IRS Form 941 if you operate a business and have employees working for you. Certain employers whose annual payroll tax and withholding liabilities are less than $1,000, might get approval to file the annual version—Form 944.