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...
ERC 2021 Recapture Letters on the Horizon
May 24, 2024
The IRS has been actively issuing notices regarding the recapture of excess employee retention credits (ERC). And, based on IRS public comments, it is anticipated that they will soon begin sending out recapture letters for...
Thinking about Selling your Business? Now May be the Time to Make a Voluntary Disclosure to the IRS.
May 13, 2024
By Joel N. Crouch, Blog
Prior blog posts have discussed making voluntary disclosures to the IRS generally and for specific issues, such as offshore bank accounts, virtual currency and most recently the Employee Retention Credit. One thing we have...
On May 7, 2024, Forbes published Mary E. Wood’s podcast transcript (edited for length and clarity) titled, “ERC Updates: Handling the Flood of Improper Claims” saying, “Mary Wood of Meadows Collier discusses recent...
D.C. Circuit Reverses Farhy
May 3, 2024
By Joel N. Crouch, Blog
In a blog post last year, Any Taxpayer Who Paid An International Information Return Penalty Should Consider Requesting a Refund, we discussed the Tax Court holding in Farhy v. Commissioner that the IRS does not have...