Mary Wood was quoted in a Tax Notes article published on January 17, 2024
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Mary E. Wood
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Mary Wood was quoted in a Tax Notes article published January 17, 2024 written by Lauren Loricchio, titled "Tax Deal Would Bring ERC Claims to Earlier End and Curb Abuses."
Amidst the recent audits and compliance efforts regarding the Employee Retention Credit (ERC), the Senate Finance Committee Chair and House Ways and Means Committee Chair announced on January 16th a tax framework that would cut off all ERC claims after January 31, 2024, extend the statute of limitations period to six years to pursue ERC claims, and increase some civil penalties for promoters of the credit.
Ms. Wood said that Congress is sending a clear message that ERC claims continue to be a high priority for IRS enforcement. "The substantial increase in potential penalties for promoters and paid tax return preparers is a sign that Congress wants to strongly deter companies and/or individuals that are inappropriately soliciting or assisting taxpayers in filing fraudulent ERC claims."
Amidst the recent audits and compliance efforts regarding the Employee Retention Credit (ERC), the Senate Finance Committee Chair and House Ways and Means Committee Chair announced on January 16th a tax framework that would cut off all ERC claims after January 31, 2024, extend the statute of limitations period to six years to pursue ERC claims, and increase some civil penalties for promoters of the credit.
Ms. Wood said that Congress is sending a clear message that ERC claims continue to be a high priority for IRS enforcement. "The substantial increase in potential penalties for promoters and paid tax return preparers is a sign that Congress wants to strongly deter companies and/or individuals that are inappropriately soliciting or assisting taxpayers in filing fraudulent ERC claims."
