Employers should be wary of ERC claims that are too good to be true

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 […]

Americans Moved to Low-Tax States in 2022

Americans Moved to Low-Tax States in 2022 https://bit.ly/3iL61Dl

Update on the IRS and the 2023 filing season

The National Taxpayer Advocate, Erin Collins, says that, while the IRS continues to be plagued by the same problems, she is hopeful for its future. In her “2022 Annual Report to Congress,” Collins noted issues the IRS has faced since the beginning of the COVID-19 pandemic, such as paper return processing delays and customer service […]

House votes to rescind IRS funding infusion

On Jan. 10, the U.S. House of Representatives passed a bill that would rescind most of the $80 billion provided by Congress for the IRS to step up enforcement, update antiquated technology systems and make other changes. However, the Family and Small Business Taxpayer Protection Act is destined to die in the Senate, where Democrats […]

Whistleblower Awards

Taxpayers who give the IRS Whistleblower Office (WBO) information about unpaid federal taxes may qualify for cash awards. To be eligible, tips must be credible and specific, relate to tax underpayments or violations of tax laws, and be used to collect proceeds. In one case, the manager-shareholder of a family business provided the WBO details […]

California Storm victim relief

Victims of California storms that began Jan. 8, 2023, have been granted tax relief, the IRS announced. Relief is available to those who live or have a business in the disaster area, giving them until May 15, 2023, to file various individual and business tax returns and make tax payments. Also extended are the deadlines […]

Tax-wise ways to save for college

If you’re a parent or grandparent with college-bound children, you may want to save to fund future education costs. Here are several approaches to take maximum advantage of the tax-favored ways to save that may be available to you. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities when used to finance college […]

Corporate Alternative Minimum Tax

Recently, the IRS issued interim guidance about the new corporate alternative minimum tax (CAMT), which was created as part of the Inflation Reduction Act. The CAMT imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years starting after Dec. 31, 2022. Typically, the tax applies to corporations with […]

Ways and Means Committee Leader elections

Now that the U.S. House has elected a speaker, it’s down to business. On Jan. 9, Jason Smith (R-MO) beat several competitors to become chair of the powerful Ways and Means Committee. He announced several agenda items, including rescinding the $80 billion recently allocated to the IRS to hire new employees, upgrade technology and fix […]

Update on remote auditing

Remote work became a buzz topic when the United States went into lockdown mode in 2020 to combat the effects of COVID-19. Like many companies, audit firms quickly shifted to remote auditing with video conferencing and drones. Now that the country has largely reopened, will auditors continue to work remotely? Remote auditing “definitely continues to […]