Tax Alerts

IRS Warns Taxpayers To Be Aware Of Their Eligibility For Employee Retention Credit Claims, IR-2022-183

The IRS has warned employers to be wary of third parties who are taking improper positions related to taxpayer eligibility for and computation of the Employee Retention Credit (ERC) are advising them to claim ERC when they may not qualify. The ERC is a refundable tax credit designed for businesses who continued paying employees during the shutdown due to the COVID-19 pandemic or had significant declines in gross receipts from March 13, 2020, to December 31, 2021. If the business filed an income tax return deducting qualified wages before it filed an employment tax return claiming the credit, the business should file an amended income tax return to correct any overstated wage deduction. The third parties also often charge large upfront fees or a fee that is contingent on the amount of the refund and may not inform taxpayers that wage deductions claimed on the business’ federal income tax return must be reduced by the amount of the credit.

The IRS has reminded employers that, to be eligible for the ERC, they must have:

Further, IRS has announced that, only recovery startup businesses are eligible for the ERC in the fourth quarter of 2021. Additionally, for any quarter, eligible employers cannot claim the ERC on wages that were reported as payroll costs in obtaining PPP loan forgiveness or that were used to claim certain other tax credits.

To report tax-related illegal activities relating to ERC claims, submit Form 3949-A, Information Referral. Taxpayers should also report instances of fraud and IRS-related phishing attempts to the Treasury Inspector General for Tax Administration at 800-366-4484

FL - Electronic filing of partnership information returns (Form F-1065) available

The Florida Department of Revenue has issued a tax information publication informing corporate income taxpayers that beginning January 1, 2022, […]

Read More
FL - Electronic filing of partnership information returns (Form F-1065) available

FL - Governor proposes permanent exemption on baby supplies

In his 2023 State of the State Address, Florida Gov. Ron DeSantis proposed to provide a permanent sales and use […]

Read More
FL - Governor proposes permanent exemption on baby supplies

IRS Reminds Taxpayers to Report Digital Asset-Related Income (IR-2023-12)

The IRS has reminded taxpayers that they must report all digital asset-related income when they file their 2022 federal income […]

Read More
IRS Reminds Taxpayers to Report Digital Asset-Related Income (IR-2023-12)

IRS Proposes New Service Industry Tip Compliance Agreement (SITCA) Program (Notice 2023-13)

The IRS has issued a guidance which sets forth a proposed revenue procedure that establishes the Service Industry Tip Compliance […]

Read More
IRS Proposes New Service Industry Tip Compliance Agreement (SITCA) Program (Notice 2023-13)

IRS Offers Checklist of Reminders as Taxpayers Prepare to File 2022 Tax Returns (IR-2023-17)

The IRS has offered a checklist of reminders for taxpayers as they prepare to file their 2022 tax returns. Following […]

Read More
IRS Offers Checklist of Reminders as Taxpayers Prepare to File 2022 Tax Returns (IR-2023-17)

IRS Reminds Taxpayers to FIle Tax Returns (FS-2023-2)

The IRS has reminded taxpayers of their tax responsibilities, including if they’re required to file a tax return. Generally, most U.S. citizens and permanent […]

Read More
IRS Reminds Taxpayers to FIle Tax Returns (FS-2023-2)

FL - Governor proposes tax relief as part of his "Framework for Freedom" budget

Florida Gov. Ron DeSantis, along with Senate President Kathleen Passidomo and House Speaker Paul Renner, have announced their intent to […]

Read More
FL - Governor proposes tax relief as part of his "Framework for Freedom" budget

FL - Bank holiday affects electronic return and payment deadline

Monday, February 20, 2023, is a bank holiday, and as a result, taxpayers who electronically submit the January Florida sales […]

Read More
FL - Bank holiday affects electronic return and payment deadline

FL - Motor vehicle sales tax rates announced

Florida has announced the motor vehicle sales tax rates by state as of January 18, 2023. Florida law allows a […]

Read More
FL - Motor vehicle sales tax rates announced

FAQs Released on Energy Efficient Home Improvements and Residential Clean Energy Property Credits, FS-2022-40

The IRS has released frequently asked questions (FAQs) about energy efficient home improvements and residential clean energy property credits. The […]

Read More
FAQs Released on Energy Efficient Home Improvements and Residential Clean Energy Property Credits, FS-2022-40