The IRS has just reopened its Voluntary Disclosure Program (VDP), offering businesses a limited-time opportunity to correct improper Employee Retention Credit (ERC) claims before facing severe consequences. Available until November 22, 2024, the program allows businesses to amend their ERC filings at a 15% discount, helping them avoid future audits, penalties, and interest. The IRS has already initiated over 460 false disclosure investigations, but there’s still time to act. If your company is among those that may have inadvertently claimed the ERC incorrectly, now is the time to act.Read More

The Internal Revenue Service (IRS) has announced a withdrawal process for businesses that have concerns about the validity of their Employee Retention Credit (ERC) claims. As the IRS explains, it will treat withdrawn ERC claims “as if they were never filed,” and it will not impose penalties or interest.Read More

Faced with a wave of fraudulent claims, the Internal Revenue Service (IRS) has ordered an immediate stop to the processing of all claims for the federal Employee Retention Credit (ERC). As a pandemic-era economic relief program, the ERC was only available for the 2020 and 2021 tax years, but until recently, eligible businesses that did not claim the ERC during these tax years could do so retroactively.Read More

The Employee Retention Credit (ERC) is a refundable tax credit available to eligible businesses for the 2020 and 2021 tax years. While the ERC was intended as a COVID-19 pandemic relief measure, businesses can still claim the credit retroactively in 2023.Read More

When you earn income in the United States, you must pay a portion of your income to the government. All U.S. residents and citizens owe income reporting and tax payment obligations to the Internal Revenue Service (IRS), and Massachusetts residents must pay state income taxes as well.Read More