COVID-19 tax news and information

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February 13, 2024

7 warning signs that an ERC claim is questionable, from the IRS

As the March 22 deadline for the ERC voluntary disclosure program approaches, the IRS alerted small businesses to seven red flags that it is focusing on when it reviews claims.

February 1, 2024

House OKs $78B tax bill with changes to ERC and child tax credits

The bill, which now goes to the Senate, also delays amortization of research or experimental costs and restores tax breaks for companies from 2017’s Tax Cuts and Jobs Act.

January 29, 2024

IRS to hold ERC education sessions for tax pros in February

The sessions, which will be hosted by IRS Criminal investigation special agents at locations nationwide, are aimed at tax professionals who claimed ERCs for clients on previous years’ tax returns.

December 21, 2023

ERC voluntary disclosure program requiring 80% claim payback launched

The IRS announced the launch of a program that will allow businesses to repay money from questionable employee retention credit claims and avoid penalties and interest.

December 21, 2023

The AICPA’s tax policy and advocacy work: 2023 highlights

It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.

December 20, 2023

IRS announces penalty relief, resumption of collection notices

The relief will go to about 4.7 million taxpayers — most with income under $100,000 a year — who did not receive automated collection reminder notices during the pandemic.

December 6, 2023

ERC disallowance letters sent to 20K+ taxpayers

The letters are part of the wide-ranging IRS campaign to curb abuse in the pandemic-era employee retention credit.

October 25, 2023

COVID-19 changes allowing e-signatures made permanent

A temporary COVID-19 change to allow e-signatures on some forms, documents, and returns has been made permanent in the Internal Revenue Manual. The AICPA had advocated for making this change to the e-signature rules permanent.

October 1, 2023

The true cost of ERC noncompliance

The eligibility requirements for the ERC are strict, despite dubious assertions that all employers qualify, propelled by a manufactured fear of missing out.

September 21, 2023

ERC abuse brings renewed push for regulation of paid tax preparers

AICPA and Treasury advocate for congressional action to help thwart the unscrupulous promoters that use the employee retention credit to make money by taking advantage of small businesses.