The Internal Revenue Service (IRS) has announced a withdrawal process for businesses that have concerns about the validity of their Employee Retention Credit (ERC) claims. As the IRS explains, it will treat withdrawn ERC claims “as if they were never filed,” and it will not impose penalties or interest.
Read MoreFaced with a wave of fraudulent claims, the Internal Revenue Service (IRS) has ordered an immediate stop to the processing of all claims for the federal Employee Retention Credit (ERC). As a pandemic-era economic relief program, the ERC was only available for the 2020 and 2021 tax years, but until recently, eligible businesses that did not claim the ERC during these tax years could do so retroactively.
Read MoreThe Employee Retention Credit (ERC) is a refundable tax credit available to eligible businesses for the 2020 and 2021 tax years. While the ERC was intended as a COVID-19 pandemic relief measure, businesses can still claim the credit retroactively in 2023.
Read MoreWhen you earn income in the United States, you must pay a portion of your income to the government. All U.S. residents and citizens owe income reporting and tax payment obligations to the Internal Revenue Service (IRS), and Massachusetts residents must pay state income taxes as well.
Read MoreThe Internal Revenue Service (IRS) routinely audits partnerships for all forms of tax compliance. From underpaying income tax to failing to report offshore accounts and from failing to remit employment taxes to improperly classifying employees as independent contractors, numerous issues can lead to substantial liability for back taxes, interest and penalties. As a result, partners need to take IRS audits seriously, and this starts with getting ready to deal with the IRS.
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