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 - Voters reject two statewide ballot measures regarding property taxes

Voters rejected two constitutional amendments referred by the Florida Legislature to the 2022 ballot for property tax purposes. Amendments in […]

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FL - Voters reject two statewide ballot measures regarding property taxes

FL - Updated electronic address/jurisdiction database for determination of insurance premium tax situs

For insurance premium tax purposes, the Florida Department of Revenue has issued a tax information publication updating the electronic address/jurisdiction […]

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FL - Updated electronic address/jurisdiction database for determination of insurance premium tax situs

FL - Payment deadlines extended for taxpayers in counties impacted by Hurricane Ian

Florida Gov. Ron DeSantis issued an executive order that temporarily suspends the deadline for the payment of property taxes for […]

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FL - Payment deadlines extended for taxpayers in counties impacted by Hurricane Ian

IRS Reminds Taxpayers To Estimate Their Tax Withholding And Not Rely On Refunds Alone, IR-2022-186

The IRS has urged taxpayers to review their tax withholding to avoid any big surprises, such as a big refund […]

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IRS Reminds Taxpayers To Estimate Their Tax Withholding And Not Rely On Refunds Alone, IR-2022-186

IRS Revises Initial Contact Letters for Ease Of Understanding, IR-2022-170

The IRS has revised its initial contact letters to improve its interactions with taxpayers. The initial contact letters are issued […]

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IRS Revises Initial Contact Letters for Ease Of Understanding, IR-2022-170

IRS Extends Some Low-Income Housing Credit Deadlines, Notice 2022-52

The IRS extended several deadlines related to the low-income housing credit, in response to unavoidable labor and supply-chain disruptions delaying […]

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IRS Extends Some Low-Income Housing Credit Deadlines, Notice 2022-52

IRS Informs Taxpayers that Tip Income is Taxable and Must be Reported, FS-2022-37

The IRS has informed taxpayers who work in restaurants, salons, hotels and similar industries that tips can be taxable income. […]

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IRS Informs Taxpayers that Tip Income is Taxable and Must be Reported, FS-2022-37

IRS Urges Taxpayers to Remain Vigilant for Cybercrimes and Protect their Personal Information, IR-2022-187

The IRS has urged taxpayer families, especially teens and senior citizens to remain vigilant and be mindful year-round for potential dangers in […]

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IRS Urges Taxpayers to Remain Vigilant for Cybercrimes and Protect their Personal Information, IR-2022-187

Taxpayers Who Haven't Filed 2021 Returns May Be Eligible for Valuable Credits, IR-2022-178

The IRS has sent reminder letters to encourage over 9 million taxpayers and families who are potentially eligible for expanded […]

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Taxpayers Who Haven't Filed 2021 Returns May Be Eligible for Valuable Credits, IR-2022-178

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 […]

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