IRS Pauses Employee Retention Credit Processing
Understanding the Halt and its Impact Amidst a Wave of Suspicious Claims Attention, business owners and tax professionals! In light of recent events, you’ll want to be in the know about the latest IRS move. The Internal Revenue Service (IRS) has put a temporary halt …
Navigating PEOs, ERC Refunds, and IRS Liabilities
Are you working with a Professional Employer Organization (PEO) that has an outstanding IRS liability? If so, you may face challenges in receiving the Employee Retention Credits (ERCs) that you are entitled to. Recent Development from the IRS On May 12, 2023, the IRS released …
Myths about the ERC
The employee retention tax credit is overlooked by many organizations that might be eligible to take advantage of the credit. The ERC applies for 2020 and 2021 and there is a three-year window to file an amended return. Since this credit applies to quarterly activities …
Is Double-Dipping Allowed on ERC, WOTC, and PPP Loan Wages?
Many clients are asking us: May I use the same payroll for PPP forgiveness, the ERC, FFCRA, and WOTC? Although there is no IRS rule prohibiting you from using the same pay period’s payroll for each of these credit and relief options, your organization must …
IRS provide additional guidance to employers claiming the Employee Retention Credit, including for the third and fourth quarters of 2021
Under the new notice, an ERC may be claimed by an eligible employer for qualified wages paid in the third and fourth calendar quarters of 2021. An eligible employer is an employer carrying on a trade or business (1) whose trade or business’s operation is …
ERC – Employee Retention Credit – $19,000 Refundable Tax Credit Per Eligible Employee
Retain your employees—receive a 50% or 70% payroll tax credit! The purpose of the Employee Retention Credit is to encourage employers to keep employees on the payroll, even if they are not working during the covered period due to the effects of the coronavirus outbreak. …
