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What Happens if ERTC Advisors are Treated as "Material Advisors?" A Lot.
By on January 25, 2024
As mentioned in an earlier article, there is bipartisan support for pending legislation that, if passed, would upend much of the existing law surrounding the Employee Retention Tax Credit ("ERTC" or "ERC"). I previously wrote about the "listed transaction" provisions of the proposed legislation. There are numerous other ways the IRS is taking enforcement actions surrounding the ERTC. One of those ways is the IRS's expansion of the term "Material Advisors" to specifically include "COVID-ERTC promoters" who provide aid, assistance, or advice with respect to a "COVID-ERTC document."
What Happens If Your ERTC Claim is Treated as a Listed Transaction? It's Complex.
By on January 24, 2024
Yesterday, I wrote about some legislative proposals that could cause major changes to existing Employee Retention Tax Credit ("ERTC" or "ERC") laws. One of the provisions in the proposed legislation includes treating certain ERTC claims as "listed transactions."
Employee Retention Tax Credit Laws Could be Getting a Massive Overhaul
By on January 23, 2024
Tax practitioners and employers should be aware that just last week leaders of the House Ways and Means and Senate Finance Committees announced their bipartisan agreement on proposed legislation (read: not yet a law) that could have major implications for the Employee Retention Tax Credit ("ERTC" or "ERC").
More Top 10 Tax Lists From the Taxpayer Advocate and David Letterman
By on January 17, 2024
About this time last year, I compared the National Taxpayer Advocate's 2022 Top 10 list of most serious problems taxpayers encountered with some of my favorite David Letterman Top 10 lists, see What Do The National Taxpayer Advocate and David Letterman Have In Common?
Taxpayer Advocate Says the IRS Processing of ERC Claims has Slowed to a Dribble
By on January 11, 2024
Readers will recall that in response to growing concerns of the IRS, tax professionals and others regarding the number of fraudulent ERC claims, on September 14, 2023 the IRS announced a moratorium on processing ERC claims filed after September 14th until at least December 31, 2023. Although the announcement also said the time to process pending claims would increase from 90 days to 180 days, we all assumed the IRS would continue processing claims filed before September 14, 2023. According to the National Taxpayer Advocate's January 10th Annual Report to Congress, that assumption was incorrect.
