The ERC is a legitimate, refundable tax credit designed to help businesses that continued to pay employees while they were shut down because of the COVID-19 pandemic or that experienced a significant decline in gross receipts...more
8/21/2024
/ Audits ,
CARES Act ,
Cooperation ,
Coronavirus/COVID-19 ,
Criminal Investigations ,
Deadlines ,
Employee Retention ,
Fraud ,
Internal Revenue Code (IRC) ,
Investigations ,
IRS ,
Tax Credits ,
Tax Relief ,
Voluntary Disclosure
The Internal Revenue Service has adjusted its moratorium on processing Employee Retention Tax Credit (ERC) claims, announcing last week it will begin processing claims filed between September 14, 2023 and January 31, 2024. In...more
8/13/2024
/ Audits ,
CARES Act ,
Coronavirus/COVID-19 ,
Criminal Investigations ,
Employee Retention ,
Fraud ,
Investigations ,
IRS ,
Tax Credits ,
Tax Relief ,
Voluntary Disclosure
The Internal Revenue Service (IRS) recently issued a news release identifying five new signs that a business’s Employee Retention Tax Credit (ERC) may be incorrect. It has also begun issuing a third round of letters denying...more
8/9/2024
/ CARES Act ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Employee Retention ,
Enforcement ,
Fraud ,
IRS ,
IRS Independent Office of Appeals ,
Paycheck Protection Program (PPP) ,
Tax Credits ,
Wage and Hour
With the IRS showing no sign of lifting its moratorium on processing Employee Retention Tax Credit (ERC) claims filed after September 14, 2023, businesses whose unpaid, legitimate ERC claims are older than six months should...more
The March 22 deadline for applying to the IRS Voluntary Disclosure Program (VDP) to repay improperly claimed Employee Retention Credits (ERC) at a discount is just around the corner. The VDP requires businesses to repay only...more
The IRS expects to send out over 125,000 collection letters to high-income taxpayers who did not file one or more federal income tax returns between 2017 and 2021. As part of the new collection initiative, approximately...more
The IRS recently issued a news release identifying seven signs that a business’s Employee Retention Tax Credit (the ERC) may be incorrect. The IRS identified these warning signs based on feedback from tax professionals and...more
The House Ways and Means Committee recently advanced a bill that gives businesses a proposed deadline of January 31, 2024 to file Employee Retention Credit (ERC) claims. Known as the Tax Relief for American Families and...more
There are several new developments in the Internal Revenue Service’s ongoing campaign to combat false and fraudulent Employee Retention Credit (ERC) claims, including an indefinite extension of the agency’s moratorium on...more
The Internal Revenue Service has announced a new Voluntary Disclosure Program (VDP) that offers businesses a limited-time opportunity to repay improperly claimed Employee Retention Credits (ERC) at a discount while avoiding...more
The four civil cases decided by the Supreme Court on 15 December 2023 hang together by a focus on minimalism and, in three of them, dissenting opinions by Justice Earls. Based on the current composition of the Supreme Court,...more
In its most recent effort to fight fraudulent and improper Employee Retention Tax Credit (ERC) claims, the Internal Revenue Service (IRS) is notifying an initial 20,000 taxpayers that it is rejecting their claims. The IRS,...more
Most appraisers don’t go to prison, and those that do, don’t go for appraising. So it’s no wonder why much has been made of the one-year prison sentence recently handed down to Walter Roberts II, an appraiser who pleaded...more
Amid an ongoing federal crackdown on fraud in COVID-19 relief programs, the IRS announced that it will offer certain employers an opportunity to withdraw Employee Retention Credit (ERC) claims if they are concerned about...more
In Notice 2023-71, the IRS provided tax relief for individuals affected by Hamas’ terroristic action in the State of Israel beginning on October 7, 2023. Notably, this relief is not limited to eligible taxpayers in Israel,...more
The IRS issued a news release today announcing a continued and more focused use of Artificial Intelligence (AI) to audit partnerships, large corporations and alleged tax shelter promoters. The news release follows...more
9/8/2023
/ Artificial Intelligence ,
Audits ,
Compliance ,
Digital Assets ,
High Net-Worth ,
Inflation Reduction Act (IRA) ,
IRS ,
John Doe Investigation ,
Large Corporate Filers ,
Partnerships ,
Summons
It seems obvious that a named plaintiff must be the correct plaintiff in order for it to have standing to move forward with a lawsuit. But figuring out the identity of the correct plaintiff is not always as easy as it should...more
“If it is a conservation easement and the people who are receiving the deduction are outside of family...the IRS assumption is that it's a tax shelter.”
A backlog of conservation easement Tax Court cases and IRS audits are...more
While the Rolling Stones may have believed that time was on their side, today the Court of Appeals reminded prospective appellants that, when faced with a deadline for filing a Notice of Appeal, time is definitely not on...more
As part of the Inflation Reduction Act, the IRS will receive a nearly $80 billion funding increase, including more than $45 billion for enforcement, over the next decade. Audit staff has already ramped up to crack down on tax...more
The U.S. Supreme Court has ruled that the $10,000 penalty for a nonwillful violation of the foreign bank account reporting rules in the Bank Secrecy Act applies on a “per-form” basis, not a “per-account” basis, handing...more
In our blog post discussing the Court of Appeals opinions issued February 7, 2023, we addressed two cases explaining how trial courts must have subject matter jurisdiction in order for a plaintiff to access the court. In its...more
On January 13, 2023, the IRS issued Chief Counsel Memorandum 202302012 (the “CCM”) establishing new rules for donations of cryptocurrency. In the CCM, the IRS concluded that taxpayers must obtain a ‘qualified appraisal’ if...more
In a series of four opinions issued on July 19, 2022, the North Carolina Court of Appeals addressed personal jurisdiction and what constitutes a fundamental public policy of North Carolina. The four cases, arising in three...more
As the Internal Revenue Service ramps up its audit staff, its gaze is extending beyond the for-profit sector. IRS audits of public charities are also increasing.
We have recently assisted several charities with their...more