IRS Offers Cybersecurity Tips, IR-2023-200
The IRS and Security Summit partners reminded taxpayers to remain vigilant against potential cybersecurity threats. As the National Cybersecurity Awareness Month is […]Read More
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
The IRS has issued a warning to taxpayers, advising them to be cautious of fraudulent solicitors who pretend to represent genuine charities. These […]Read More
The IRS has announced that enrollment to the IRS Energy Credit Online tool is now open to the sellers of clean vehicles. The Energy Credits tool is available free of cost and will […]Read More
The IRS has urged taxpayers to promptly review their tax withholding to avoid surprises, whether in the form of significant refunds or balances due when filing taxes next […]Read More
The IRS has reminded low and moderate income taxpayers that they can save more for their retirement now through Saver’s Credit. This credit is available to taxpayers who are 18 years […]Read More
The IRS has reminded individual retirement arrangement (IRA) owners, aged 70Â½ or older, of tax-free charitable transfers permitting senior citizens to contribute up to $100,000 annually to eligible charities […]Read More
Effective January 1, 2024, the Florida local communications services tax (CST) rates in Collier County are as follows: 2.1% in […]Read More
Florida issued guidance regarding a corporate income tax credit for manufacturing equipment purchased for the production of human breast milk […]Read More
Florida issued guidance regarding the student internship credit program for corporate income taxpayers. The program has been renamed as the […]Read More
The Service has introduced an expanded chatbot to promptly address inquiries of taxpayers receiving notices about possible underreporting of taxes. The new chatbot feature will assist taxpayers receiving CP2000 , CP2501 and CP3219A notices. This tech […]Read More