Baker Tilly US’ Post

📣 Attention all businesses! Since last fall, the IRS's Employee Retention Credit (ERC) compliance efforts have surpassed the $1 billion mark, reflecting significant strides in tax compliance. However, with changes on the horizon, staying informed is crucial. 💼Understanding these developments is essential for navigating through tax compliance challenges. With the Voluntary Disclosure Program suspended as of March 22, businesses may need alternative strategies. However, the Special Withdrawal Program remains open, offering businesses opportunities to adjust claims amid intensified IRS audit efforts. As trusted advisors, Goodman Capital Finance can help businesses navigate these changes and optimize their financial benefits. https://ow.ly/ZYqZ50RtzBs #BusinessCompliance #TaxCompliance #IRSUpdates #GoodmanCapitalFinance #EmployeeRetentionCredit

Navigating the tax landscape can often feel like trying to find a clear path in a maze. With the IRS's new ERC Voluntary Disclosure Program, businesses are gaining a fresh opportunity to rectify past claims and ensure compliance. 🔄 The program offers a chance for businesses to come forward voluntarily to fix any issues with their Employee Retention Credit claims. This move not only underscores the importance of staying aligned with tax regulations but also hints at increased IRS vigilance. The question remains – How will these changes affect your business? Whether reassessing past credit claims or proactively managing your filings, staying on top of these updates is crucial. 📊 https://ow.ly/HYO050R4hv2 #TaxCompliance #ERCCredit #BusinessFinance #IRSUpdate #FinancialPlanning #GoodmanCapital

The IRS is urging tax professionals and employers to take advantage of the Employee Retention Credit (ERC) Voluntary Disclosure Program before it ends on November 22. This program allows businesses to correct erroneous ERC claims from 2021 at a 15% discount, helping them avoid audits, full repayment, penalties, and interest. However, it does not cover claims from 2020. Employers can withdraw their claims to avoid compliance actions if they haven't yet received or deposited a refund. The IRS provides FAQs and a checklist to help businesses understand the program's terms and eligibility requirements. Read more: https://hubs.la/Q02Q-7B_0 #erc #ercupdate #employeeretentioncredit #taxupdate #accounting #tax #irs #taxnews

As part of an ongoing initiative to combat questionable Employee Retention Credit (ERC) claims, the IRS has launched a voluntary disclosure program. It allows eligible businesses to pay back money they received after filing ERC claims in error. The disclosure program runs through March 22, 2024, and allows repayment of 80% of the claim received. It’s part of a larger IRS effort to stop aggressive marketing around the ERC that misled some employers into filing claims. The IRS also has another program that allows employers to withdraw pending ERC claims with no interest or penalty. More than $100 million in withdrawals has already been received. To learn more: https://bit.ly/47nnSTV Contact us with any questions: https://bit.ly/3jcyo8o #tax #taxes #taxcredit #employeeretentioncredit #irs #voluntarydisclosureprogram #cg #cgtaxauditadvisory

I won’t tag all my #accounting friends here, they can tag or comment themselves if they are comfortable. Would you believe more #technology #practicemanagement #pricing and international #tax conversations and #learnings happened in the lazy river than most likely at large conference. Granted, ADP has done an amazing job curating diversity of thought and top notch professionals. #Thankyou What are you doing to connect with your peers to learn from each other? Now is the time to reevaluate and work toward the future and keep each other accountable, #bringyoursunscreen. #radicalcpa #accountingandaccountants.

Imagine your employees showing up to chained-up doors. A horrifying scenario, but a harsh reality for businesses facing IRS shutdowns. Tax issues can escalate quickly. Don't wait until drastic measures are on the table. Here's how I can help: Prevent IRS drama: I proactively address tax problems to avoid shutdowns and minimize disruptions. Employee morale protection: Avoid the negative impact of IRS actions on your team. Find a workable solution: We'll work together to develop a plan that allows your business to keep operating and resolve tax liabilities. Facing significant tax issues? Act now to prevent a business closure. Schedule a consultation and explore solutions! Click the link in the comments section to get started today. #TaxHelp #BusinessSolutions #IRS

💰 Did you know that offering reasonable compensation to employees is not only important for attracting and retaining top talent, but it also helps ensure compliance with IRS regulations? 💼 The IRS has guidelines in place to ensure that compensation is reasonable and not excessive. This is to prevent companies from using compensation as a way to avoid paying taxes. By following these regulations, you can avoid penalties and audits from the IRS. In conclusion, reasonable compensation is essential for both your employees' satisfaction and your business's financial health. Make sure to consult with a financial advisor or tax professional to ensure that your compensation practices are in line with IRS regulations. #ReasonableCompensation #IRSRules #EmployeeRetention

💰 Did you know that offering reasonable compensation to employees is not only important for attracting and retaining top talent, but it also helps ensure compliance with IRS regulations? 💼 The IRS has guidelines in place to ensure that compensation is reasonable and not excessive. This is to prevent companies from using compensation as a way to avoid paying taxes. By following these regulations, you can avoid penalties and audits from the IRS. In conclusion, reasonable compensation is essential for both your employees' satisfaction and your business's financial health. Make sure to consult with a financial advisor or tax professional to ensure that your compensation practices are in line with IRS regulations. #ReasonableCompensation #IRSRules #EmployeeRetention

This week, we dive into the world of collaboration and growth in the financial advisory world with industry veteran Eric Brotman. Join Steven A. Jarvis, CPA, and Eric Brotman as they explore the power of embracing a collaborative mindset, emphasizing #collaboration over #competition. 🤝 With over 30 years of experience, Eric shares invaluable tactics that have stood the test of time, delivering superior outcomes for clients and #advisors. Listen now➖https://zurl.co/9Ppz #FinancialAdvisors #Taxes #CFP #CPA #TaxPlanning

Attend our complimentary webinar as CLA tax professionals show you how to navigate the complex landscape of employment-related tax credits. We’ll cover the employee retention credit (ERC), the work opportunity credit (WOTC), federal empowerment zone credits, and more! #Tax #CLA #CLAPromise