The Internal Revenue Service (IRS) recently announced a new program that aims to help business owners address incorrect claims for the Employee Retention Credit (ERC). The program focuses specifically on third-party payers. Third-party payers are those who handle...
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Business Tax
What happens when a business owner does not remit payroll taxes over to the IRS?
Successful business owners know more than just their trade, they also know how to navigate the details of business ownership. From administrative tasks to those involving human resources issues, knowing how to manage these details can make or break a business. One...
3 things to know about whistleblowers and tax audits
Businesses that face whistleblower claims can find themselves facing huge financial losses. These claims generally involve a former employee or contractor who discloses information that they believe the government could use to build a case against the business for a...
What should I do if I have not gotten my ERC refund?
The Internal Revenue Service (IRS) has been straightforward that receiving funds from the Employee Retention Credit (ERC) would take time, estimating a standard processing goal of 180 days and longer if a claim required additional review. Unfortunately, for many...
Who is liable for the tax bill if my tax preparer makes a mistake?
The laws that govern tax obligations in the United States are enough to make even the most seasoned of businessmen question their returns. Did they take advantage of all possible credits and deductions? Did they provide enough documentation to support the claims?...
IRS’ Dirty Dozen: The Fuel Tax Credit
The fuel tax credit is a refundable tax credit created to provide relief to eligible taxpayers for federal taxes paid on fuel used for certain purposes – as part of the Dirty Dozen list, many taxpayers misunderstand and misuse this credit. If you’re considering taking advantage of the Fuel Tax Credit, here’s what you need to know.
Timeline of a typical ERC fraud case
Small business owners are the backbone of our economy. They balance not just providing a valuable service or good to their communities but also the demands of business ownership — the nitty gritty of navigating administrative tasks and making sure the business...
The ERC in 2024: What Employers Need to Know
No one wants an IRS audit letter to arrive at their door, and lately, many SMBs are facing them. The era of the ERC is far from over, and long from solid – Here’s what business owners should know.
IRS update on ERC claims: Agency will deny thousands and may pursue charges against small business owners
The Internal Revenue Service (IRS) has made it clear that it is coming after anyone that took advantage of the Employee Retention Credit (ERC) during and after the COVID-19 pandemic. Although their goal is noble — to make sure tax cheats are not bilking the system —...
What do I do if I got an ERC disallowance letter from the IRS?
It seems that the mail these days holds two things: bills and marketing materials. For the truly unlucky, the mail may also contain a letter from the Internal Revenue Service (IRS). Although it may be tempting to ignore the letter or pretend it does not exist, a...