Congress authorized the employee retention credit, which ends April 15, to help businesses suffering in the throes of COVID-19. The arrival of promoters and ERC mills brought headaches for the IRS.
Tax
IRS: 7,000 probationary workers will return to their jobs in next 10 days
“I’m just riding the government roller coaster,” says one worker, who lost her job in February, was placed on administrative leave in March, and plans to return to work later this month.
Bills dealing with tax administration, disaster victims pass House
The AICPA endorsed four of the six bills, all of which passed with bipartisan support and were forwarded to the Senate.
As time runs out for pandemic-era ERC, IRS adds 5 FAQs
The FAQs, which deal mainly with how to handle the employee retention credit on tax returns under various scenarios, are not authoritative but do provide some answers to questions about the expiration of the statute of limitation, an AICPA & CIMA tax practice and ethics manager said.
BOI reporting changes don’t affect CTA’s constitutionality, filing says
In a brief filed in the Eleventh Circuit, the federal government said the move to remove the beneficial ownership filing requirement for domestic companies does not affect the constitutionality of the Corporate Transparency Act.
AICPA recommends prop. regs. changes for some retirement savings plans
The AICPA submitted comments to Treasury and the IRS with recommended changes to proposed regulations for automatic enrollment requirements for most newly established 401(k) and 403(b) plans under the SECURE 2.0 Act.
BOI filing requirements for US companies, persons removed
FinCEN issued an interim final rule Friday removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information under the Corporate Transparency Act.
7,000 IRS workers ‘reinstated’ — but not yet returning to work
An email from the acting IRS commissioner, citing a federal court order, says certain probationary employees will receive salaries, back pay, and benefits but are “not [to] report to duty or perform any work until receiving further guidance.”
employee benefits & pensions
Profits interests: The most tax-efficient equity grant to employees
By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.