Tax Regulations: In a First, IRS Puts All Record-Retention Rules in One Place.Barnett, Susanna Duff
/PRNewswire/ -- A surge of new IRS letters denying pandemic-era Employee Retention Tax Credit (ERTC) claims are starting to reach businesses, forcing many to...
The Employee Retention Credit was a pandemic-era program available to qualifying businesses for the 2020 and 2021 tax years. As the IRS notes, the ERC is “an incredibly complex credit, and there are very specific eligibility requirements for claiming the ERC.” While qualifying ...
With this in mind, business owners who have claimed the Employee Retention Credit should review their records to ensure that they qualify. IRS audits can lead to substantial costs and liability, while tax fraud investigations can lead to criminal fines and prison time. Business owners who have ...
Always keep good records of your revenue and expenses and use an accounting method that is optimal for your business needs. When it comes to filing your taxes, consider hiring a professional and filing electronically. Bizee has a Business Accounting service with a free tax consultation. Our prof...
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...
“What’s most concerning is that Mr. Long left office and jumped into the scam-plagued industry involving the Employee Retention Tax Credit,” Wyden said. “These ERTC mills that have popped up over the last few years are essentially fraud on an industrial scale, conn...
The Internal Revenue Serviceintends to reject billions of dollars of improperly claimed employee retention tax credits. The IRS on Thursday announced that it had completed a review initiatedlast September,which involved analyzing more than one million claims for the employee retention tax ...
Credit: CC0 Public Domain Taxpayers, lawmakers and digital privacy advocates rebelled earlier this year when the IRS announced plans to require taxpayers to upload selfies if they wanted online access to their tax records. The selfies were needed by an identity verification service, ID.me, to ...
returns—it fell on the IRS to create and implement a program for stimulus payments and employee retention credits. It had to follow along with codified changes in real-time, as well as deal with over10 million returnsthat contained a stimulus amount that didn’t match with IRS records. ...