With fraudulent Employee Retention Tax Credit claims on the rise, the IRS has suspended claim processing through year end.
Tag: IRS
IRS issues guidance on new retirement catch-up contribution rules
The SECURE 2.0 Act’s new retirement catch-up contribution rules caused problems and confusion for employers and employees alike. The IRS has now provided guidance.
How construction business owners can prepare for an IRS audit
No one likes the prospect of an IRS audit, and this certainly includes construction business owners. But there are ways to always be ready and to ease the pressure if it does happen.
IRS offers penalty relief for 2019, 2020 tax years
The IRS is providing broad-based penalty relief to most taxpayers who filed certain 2019 and/or 2020 tax returns late due to the COVID-19 pandemic. Find out if you might qualify.
IRS Reaches Milestone on Paper Return Backlog
IRS reaches internal milestone for 2020 individual tax return backlog. National Taxpayer Advocate’s report shows that milestone may not be a significant accomplishment considering remaining paper return backlog and additional processing delays.
AICPA Releases Response to IRS Website Post Regarding Taxpayer Automated Notices
Have you been receiving excess automated notices from the IRS? Here is what the IRS is doing to mitigate these notices and what the AICPA is recommending for improvements.
Is the IRS a hot mess right now?
Can’t get through to the IRS on the phone? We’ve got some tips that may help you get your hands on the tax information you need.
M&A transactions: Be careful when reporting to the IRS
Have you bought or sold business assets in an M&A deal in 2021 or are in the process of a transaction? If so, you must report the details to the IRS. The tax agency may then compare what both parties report to ensure they match.
The easiest way to survive an IRS audit is to get ready in advance
Getting a letter from the IRS that your tax return is being audited may strike fear into the hearts of business owners. But the more you know about IRS audits, the better you can fare.
Employers have questions and concerns about deferring employees’ Social Security taxes
The IRS has issued guidance to implement the deferral of the employee share of Social Security tax. But employers still have questions and concerns about whether, and how, to implement the deferral.
