Did you file an Employee Retention Credit (ERC) claim in error? Mistakes happen. That’s why the IRS recently introduced a new Voluntary Disclosure Program aimed at helping businesses rectify erroneous claims and repay the funds. The program is open through March 22, 2024, allowing employers to reimburse the IRS for 80% of the claim they […]
IRS woes
New Tax Scam Regarding Unclaimed Refunds
The IRS is cautioning taxpayers of a new scam with the promise of unclaimed refunds. This phishing scam requests sensitive information, including a photo of your driver’s license, your Social Security number and banking details, in order to steal your identity. Here are the warning signs: Suspicious mailer. The scam is sent via a delivery […]
Business Owners: Don’t Fall for the ERC Scam
Your business has likely been the recipient of many robocalls telling you that you’re missing out on the Employee Retention Credit (ERC). Callers promise eligibility and a fast, easy application process. Don’t fall for it, says the IRS. The ERC (also known as the ERTC) is a tax credit that was introduced during COVID to make it […]
You vs. the IRS: 5 Common Reasons for Tax Litigation
Most tax disputes with the IRS are settled during audits, collection proceedings and appeals — long before the need for litigation. But sometimes, disagreements with the IRS land taxpayers in federal court. A tax litigation case can result from any form of taxation, from income to local property taxes. And these legal proceedings don’t just […]
Why Your Business Should Prep for an Employment Tax Audit — Now
In August 2022, the Inflation Reduction Act was signed into law with a provision earmarking nearly $80 billion in funding to support the IRS enforcement of federal tax laws, notably, employment tax. The IRS typically performs employment tax audits to ensure that a business is compliant with tax filing requirements and to verify the reported […]
Tax Penalties: How to Get the IRS to Forgive & Forget
Whether you didn’t file your tax return on time or didn’t prepare an accurate return, one thing is for certain: the IRS will come after you waving a penalty flag. Mistakes happen, but the price tag per penalty varies. For example, the failure-to-file penalty is 5% of your unpaid taxes for each month that the […]