According to IRS published guidance, when an employer claims the employee retention credit (“ERC”), the employer is supposed to make a corresponding amendment to its income tax return to reduce its wage expense deduction...
Supreme Court Limits IRS Authority
July 11, 2024
In Loper Bright Enterprises v. Raimondo, the U.S. Supreme Court overturned a 40-year-old legal precedent which granted judicial deference to federal regulators’ interpretation of ambiguous laws. That level of deference...
The Time For ERC Recipients to Get Comfortable Just Got a Little Longer
July 2, 2024
By Joel N. Crouch, Blog
The IRS has been extremely vocal about the number of erroneous and/or fraudulent Employee Retention Credit (ERC) filings and its intent to seek repayment of these improper ERC payments. On June 26th, the 9th Circuit Court of...
Firm Partner, Mary E. Wood was quoted in a Tax Notes article published June 27, 2024 written by Lauren Loricchio, titled, “Address ERC Backlog, Taxpayer Advocate Urges.” The article discusses the release of the...
Employers are facing a pivotal moment with the Internal Revenue Service’s (IRS) latest announcement regarding the Employee Retention Credit (ERC). In a news release dated June 20, 2024 (link) the IRS acknowledged that it is...