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...
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...
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...
Are you taking advantage of the Employee Retention Credit (ERC) for COVID-19 Relief? Businesses who made the decision between the Payroll Protection Program (PPP) or Employee Retention Credit (ERC) may now be able to use both.SEE IF YOUR BUSINESS QUALIFIES HERE> ...
According to the IRS, you can visit theChild Tax Credit Update Portal, which should show which payments are pending (this involves registering for an IRS username or ID.me account, which requires a photo ID). Or if you see your payment has been sent but you haven’t received i...
Employees who must care for someone under quarantine, a child whose school/child care provider is unavailable due to COVID-19, they may receive paid sick leave up to 80 hours and 2/3 of their pay In some cases, if an employee cannot work due to their responsibility to take care of a...
which came about due to the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Those who did not receive the full amount due with the Economic Impact Payments (akastimulus checks) can make up the difference here. An Earned Income Tax Credit is also available for eligible low- and...
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 ...
or bringing a suit for a credit or refund of tax. The FAQs provide additional clarity on how Notice 2020-23 will apply to U.S. Tax Court petitions. Under this guidance, petitions that are due on or after April 1, 2020, and before July 15, 2020, will be treated as timely if the...
Was your business eligible to claim the ERC for the 2020 or 2021 tax year? In order to qualify for the credit, businesses must have either:Closed or partially suspended their operations due to a government mandate during the COVID-19 pandemic; Experienced a significant decline in gross ...