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 - House passes bill that modifies IRC conformity date

Florida House of Representatives passed a bill with a provision that modifies the IRC conformity tie-in date for determining corporate […]

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FL - House passes bill that modifies IRC conformity date

FinCEN Issues Guidance on Inflation Adjustments to Civil Monetary Penalties

The Financial Crimes Enforcement Network (FinCEN) issued guidance on inflation adjustments to its civil monetary penalties as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990 (the Act), as amended. This rule […]

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FinCEN Issues Guidance on Inflation Adjustments to Civil Monetary Penalties

FL - IRC conformity update, disability employment credit proposed

Legislation introduced in the Florida House of Representatives proposes to: update the IRC conformity tie-in date for determining corporate income […]

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FL - IRC conformity update, disability employment credit proposed

Seller Report Deadlines Extended for Clean Vehicle Credits, Rev. Proc. 2024-12

For purposes of the new clean vehicle credit and the used clean vehicle credit, the IRS has extended the deadlines for submitting seller reports for vehicles placed in service in […]

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Seller Report Deadlines Extended for Clean Vehicle Credits, Rev. Proc. 2024-12

Low-Income Housing Credit Allocation Increases for Disaster Zones May Be Reallocated Outside Disaster Zones, Rev. Rul. 2024-5

For purposes of the low-income housing credit, the IRS concluded that additional housing credit dollar amounts (HCDAs) for 2021 and 2022 […]

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Low-Income Housing Credit Allocation Increases for Disaster Zones May Be Reallocated Outside Disaster Zones, Rev. Rul. 2024-5

IRS Emphasizes Importance of Choosing a Trusted Tax Professional for Secure and Confidential Tax Preparation, IR-2024-31

The IRS has underscored the vital importance of selecting a tax professional carefully to safeguard personal and financial information. Taxpayers bear legal responsibility for their income tax return accuracy, […]

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IRS Emphasizes Importance of Choosing a Trusted Tax Professional for Secure and Confidential Tax Preparation, IR-2024-31

IRS Emphasizes Digital Asset Income Reporting Obligation, IR-2024-18

The IRS has reminded taxpayers to report digital asset income on 2023 federal tax returns, with an updated question now on Forms 1040, Individual Income Tax Return; 1040-SR, U.S. Tax Return […]

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IRS Emphasizes Digital Asset Income Reporting Obligation, IR-2024-18

FL - Taxpayer did not qualify as private trust

The Florida Department of Revenue (department) determined that a taxpayer was not a private trust excluded from the definition of […]

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FL - Taxpayer did not qualify as private trust

FL - Governor proposes tax cuts in state of the state address

In his State of the State Address, Florida Gov. Ron DeSantis proposed $1.1 billion in tax cuts, the continuation of […]

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FL - Governor proposes tax cuts in state of the state address

FinCEN Commences Beneficial Ownership Reporting Under Bipartisan Corporate Transparency Act

The Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), has begun accepting beneficial ownership information report under the bipartisan Corporate Transparency Act, enacted in 2021. This effort requires companies doing […]

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FinCEN Commences Beneficial Ownership Reporting Under Bipartisan Corporate Transparency Act