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The IRS has launched a new Voluntary Disclosure Program aimed to help businesses that want to pay back the money they received after filing erroneous Employee Retention Credit (ERC) claims. Employers will only be required to repay 80% of the credit they received, but they must must disclse information about any advisors or tax preparers who advised or assisted them with their claim.
The IRS announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023. A threshold of $5,000 for tax year 2024 is being planned as part of a phase-in. The IRS will make updates to the Form 1040 and related schedules for 2024 that would make the reporting process easier for taxpayers.
Ohio taxpayers filing form IT-1040 can receive a dollar-for-dollar reduction in their Ohio tax liability via a non-refundable tax credit for contributions to eligible Ohio scholarship granting organizations (SGOs). The tax credit is the lowest of 1) $750 ($1,500 if filing jointly); 2) the total amount donated to the SGO during the tax year; or 3) your Ohio income tax liability before refundable credits
Due to widespread abuse and fraudulant claims, the IRS has announced a moratorium on processing new ERC claims, and is aggresively auditing businesses that have claimed the ERC. Your business should to take steps to prepare for the possibility of an audit if you have claimed these tax credits.
Tax audits can be a nerve-wracking experience, regardless of what type of audit you face. Each type of audit serves a specific purpose and involves different levels of scrutiny. Some types of audits are also far more intensive than others. Correspondence audits A...
A trust gives you control: a will does not. With a basic will, you can direct who will receive your estate after you die. But that’s all. A trust offers you much greater control than a basic will. With a trust, you not only control who gets your money, but when they will receive it and how it will be used.
Dealing with tax debt can be overwhelming. When you find yourself unable to pay your tax debt in full, it might feel like you are stuck between a rock and a hard place. However, the Internal Revenue Service provides a few options to taxpayers in such situations. One...
I recently got a frantic call from a client. The client owed back taxes to the IRS, and the IRS was attempting to levy his bank accounts. As the client had little money in his own accounts, that was not really a problem. The real problem was this: my client’s...
If you are like most Americans, you may dread filling out and filing your taxes every year. This is a complicated process and hundreds or thousands of tax laws change every year. Unfortunately, at some point, you may receive a tax audit notice. This is what you should...
The IRS has iupdated the optional safe harbor method for calculating the basis of individual units in a real property development project to determine the gain or loss from sale of those units.
