Employee Retention Credit Fraud Remains a Top Risk
The IRS has warned taxpayers about pandemic relief fraud before. Employee retention credit fraud is now so widespread that the IRS added it to its annual list of Dirty Dozen tax scams.
IRS Makes Statements on CARES Act Employee Retention Tax Credit Risks
Last year, the IRS issued a news release warning employers to be wary of third parties who have ramped up campaigns to try and get employers to claim the CARES Act Employee Retention Tax Credit (ERTC) when they may not actually qualify.
IRS Warns of Employee Retention Credit Fraud
The IRS recently warned employers to beware of advertisements and solicitations that promise tax refunds that seem too good to be true. They promise business owners lucrative tax refunds from the Employee Retention Credit through filing amended payroll tax returns.
Did You Miss Out on the Employee Retention Tax Credits?
Many employers do not realize they could benefit from the ERC. As businesses close their books and records for 2021 and begin to work on tax compliance, it is a good opportunity to revisit the ERC to clear up any confusion that may exist.
IRS Releases Guidance on Q4 Removal of Employee Retention Credit
Employers need to react quickly to the new guidance to pay in amounts as if they were incurred on Dec. 31, 2021.
House Passes Infrastructure Legislation; Sends Bill to President Biden
Bipartisan infrastructure bill passes House with bipartisan vote. President Biden expected to sign by end of next week.
Recovery Startup Provision: How New Startup Businesses Can Possibly Claim the ERTC
Businesses that started during the pandemic have a new opportunity to claim the Employee Retention Tax Credit for the 3rd and 4th quarters in 2021. There are minimal eligibility requirements to net up to $100,000 in tax credits for the year. Act now to include the credit on your 2021 3rd quarter payroll tax return.
IRS Issues Employee Retention Credit Gross Receipt Exclusion Procedure
Rev. Proc. 2021-33 allows exclusion of PPP, restaurant revitalization and shuttered venue operator grants from ERTC gross receipts test.
IRS Enhances Employee Retention Credit Guidance for Open Questions
Notice 2021-49 provides answers on previously uncertain issues and addresses changes implemented in the American Rescue Plan Act.
How Private Clubs Can Claim the Employee Retention Credit When Restrictions Are Lifted
Most state and local governments have been lifting COVID-19 restrictions, leaving club management wondering how and if they still qualify for the ERC, especially in the quarter that restrictions are lifted.