The proposed Protecting Taxpayers and Victims of Unemployment Fraud Act would give states incentives for recouping fraudulent unemployment insurance (UI) payments. Lawmakers say it would reduce the federal deficit by shifting program monitoring to the state level. A Congressional Budget Office (CBO) cost estimate says the benefits of doing so may be hard to quantify. […]

At a recent payroll conference, an IRS director, Daniel Lauer, advised employers to review eligibility guidelines before claiming the expired COVID-19 employee retention credit (ERC). He stated that ERC fraud is common, particularly with IRS Form 941-X, which is filed to make adjustments or corrections to Form 941. If your business claimed the ERC and […]

The IRS is requesting comments on proposed regulations regarding the advanced manufacturing investment credit created by the CHIPS Act of 2022. The recently released proposed regs address, among other things, the credit’s eligibility requirements and the term “semiconductor.” For any tax year, the credit generally will be equal to 25% of an eligible taxpayer’s qualified […]

Do you own nonfungible tokens (NFTs)? If so, you need to know that the IRS intends to treat certain NFTs as collectibles for tax purposes. According to the IRS, an NFT is a unique digital identifier that’s recorded using distributed ledger technology and may be used to certify the authenticity and ownership of an associated […]

The IRS recently kicked off its annual Dirty Dozen campaign, which highlights the top 12 scams and schemes that target taxpayers. The “widely circulating promoter claims” regarding Employee Retention Credits (ERCs) is a new entry in the Dirty Dozen list. The fact that the IRS saw fit to start its campaign with ERC claims reflects […]