Institute for Professionals in Taxation’s Post

Time is ticking! March 22 marks the crucial deadline for ERC Compliance. Dive into our latest blog, a reprint of a recent IRS Tax Tip about this upcoming deadline to participate in the ERC voluntary disclosure program.

Did you or your client claim the Employee Retention Credit (ERC)? If the ERC amount was incorrect, the IRS has a voluntary disclosure program that can save significant amounts of tax, interest, and penalties. However, the program ends soon. For more information, please see Richard Gano's new article on the ERC-VDP. #irsaudit #taxlaws

IRS News - The IRS has announced the Employee Retention Credit Voluntary Disclosure Program (ERC-VDP) with a deadline of March 22, 2024. This is your chance to correct any discrepancies in your ERC claims without facing the standard penalties and interest. More information, including the seven warning signs, can be found here: https://ow.ly/ktmF50QNzZv Remember, the deadline is quickly approaching. Contact your Klatzkin tax professional with questions. 🗓️ #Klatzkin #accounting #cpa #ERC #ERCVDP #IRS #smallbusinessowners #smallbusiness

🚨 Attention Business Owners: IRS Announces Voluntary Disclosure Program! If your business mistakenly claimed the employee retention tax credit (ERC) during the pandemic and want to make it right, here's your chance! The IRS has introduced a "voluntary disclosure program" for businesses with pending claims. You can now repay the credits at a 20% discount to cover third-party promoter fees. Act fast, as it's a limited-time offer with a deadline of March 22, 2024. Don't miss this opportunity to rectify any ERC claims made in error. Stay compliant and avoid potential penalties. 💼💰 #IRS #TaxCredits #BusinessOwners

The #IRS published additional information today on #ERC / #ERTC and warning signs for incorrect claims. Review with your #CPA, ERC consultant, and other #tax #advisors. https://lnkd.in/gq2ywvys

The IRS has been actively issuing notices regarding the recapture of excess employee retention credits (ERC), and it is anticipated they will soon begin sending out recapture letters for the year 2021. In our latest blog post, Firm Partner, Jeffrey M. Glassman explains what businesses, taxpayers and tax professionals should be aware of when receiving such a letter, and what actions, if any, should be taken. Read it here: https://lnkd.in/gAVvDeHi #IRS #ERC #EmployeeRetentionCredit #TaxNotice #TaxAudit

👉Have you heard about the IRS's new voluntary Employee Retention Credit (ERC) program? This is your chance to correct any improper ERC claims and avoid penalties. Want to know more about the program? Click the link below or speak with your #taxadvisor for more information! 🌐https://lnkd.in/gygnN9UU #businessadvisor #accountingservices #taxpreparer #taxservices #taxprofessional #taxtip #taxtips #IRS #taxupdates #businesstaxes #taxcompliance #smallbusiness #businessadvice #financialhealth #taxrelief #taxseason #tax _______________________ IRS, Employee Retention Credit, voluntary disclosure, ERC program, tax compliance, business tax, improper claims, tax professionals, audit, business owners

Complexities and changes related to the employee retention credit (ERC) continue to cause confusion for taxpayers. Our tax controversy professionals discuss what taxpayers with ERC claims can expect and how they can prepare for an IRS audit. Read more. #ERC

Grasping the significance of New York's Vendor ID is essential for both compliance and operational efficiency within your enterprise. Uncover its meaning and advantages through our most recent professional analysis! 🌟 Explore further: <https://gag.gl/C6FhJW?> #compliance #taxID #newyork #businesslicense

The IRS is gearing up to intensify audits in its pursuit of tax compliance and increased revenue for the U.S. Treasury. With bolstered resources from the Inflation Reduction Act of 2022, aimed at revitalizing the agency, IRS Commissioner Danny Werfel outlined strategic plans for audit scrutiny that will target specific groups, including: - large corporations with assets exceeding $250 million - large partnerships with assets surpassing $10 million - affluent individuals earning over $10 million annually If you haven't yet explored the benefits of utilizing Topia Compass for addressing the aforementioned areas, or if you're not currently leveraging Monaeo to mitigate residency challenges, I highly recommend pausing what you are doing and doing your research. Our team stands ready to assist you! #taxaudits #taxcompliance #residencyaudit #FEDisComing #compliance #taxes #payrollwithholding