IRS provides guidance on whether supply chain disruption qualifies for ERC

Recent IRS guidance clarifies whether businesses affected by supply chain disruptions during the COVID-19 pandemic are entitled to claim an Employee Retention Tax Credit (ERTC). It reviews five illustrative scenarios in which business activities, including commerce, travel and group meetings, were suspended due to government orders. Details of the five scenarios can be found here: […]

Bill introduced to cut PGA Tour’s tax breaks

On June 26, 2023, U.S. Senate Finance Committee Chair Ron Wyden (D-OR) introduced two bills that would cut the PGA Tour’s tax breaks now that it’s merging with the Saudi Public Investment Fund (PIF). Currently, the PGA Tour is classified as a tax-exempt 501(c)(6) organization. The proposed Sports League Tax-Exempt Status Limitation Act would modify […]

IRS clears backlog of ERC claims

IRS Commissioner Danny Werfel recently said that the IRS is shifting its efforts after successfully clearing the backlog of valid Employee Retention Credit (ERC) claims. The agency will now focus its efforts on compliance work and putting in place additional procedures to handle fraudulent ERC claims. The ERC was enacted to help businesses during the […]

Enhanced Child Tax Credit in bill moving thru House and Senate

Republicans in the U.S. House of Representatives and the U.S. Senate are sponsoring a bill, dubbed the Providing for Life Act, that includes an expansion of the Child Tax Credit (CTC). Specifically, the bill would expand the CTC to up to $3,500 per child under age 18 and $4,500 per child under age six, make […]

IRS under fire for improper payments

Improper payments made by the IRS for emergency assistance programs are under fire. A report from the nonpartisan Government Accountability Office (GAO) notes that Congress and federal agencies must prevent and reduce payment errors, including fraud. These failures occurred in various disaster programs before COVID-19 hit and contributed to costly errors in the pandemic-related Economic […]

Save Big on Back-to-School Shopping With Sales Tax Holidays This Weekend

Save Big on Back-to-School Shopping With Sales Tax Holidays This … – CNET https://cnet.co/3KvPeie

Missouri’s Back-To-School tax-free weekend is this weekend

Missouri’s Back-To-School tax-free weekend is this weekend – KMOV4 https://bit.ly/3OmXVfN

Sometimes seconds matter

Timing is everything, especially with tax filing deadlines. Taxpayers who have active cases with the U.S. Tax Court may be able to use the IRS e-filing system known as DAWSON to quickly upload documents. One taxpayer had 90 days to file a petition to challenge a proposed tax. But he waited until the evening of […]

IRS says new paperless processing initiative will allow for faster refunds

IRS says new paperless processing initiative will allow for faster refunds – Fox Business https://bit.ly/44SOs74

IRS prevailes in Tax Court

In a recent U.S. Tax Court decision, the IRS prevailed over a married couple that claimed the agency miscalculated their ability to pay. The taxpayers filed returns late for a couple of years, and the IRS assessed tax, plus interest. The taxpayers said they couldn’t pay the amount and requested an installment agreement and offer-in-compromise. […]