Archive for Covid-19 Updates
The Child Tax Credit is for individuals who claim a child as a dependent, but only if the child meets certain conditions, such as being under the age of 17. The credit applies not only to sons and daughters, but includes stepchildren, foster children, brothers, sisters, stepbrothers, stepsisters,…
The Internal Revenue Service has, once again, announced a new initiative aimed at combating dubious Employee Retention Credit (ERC) claims. The IRS recently launched a new Voluntary Disclosure Program to help businesses pay back funds they may have received after filing ERC claims in error. The new…
Earlier this week, the IRS announced in Notice 2024-7 that it will be waiving the failure-to-pay penalties for eligible taxpayers that failed to pay back taxes for the tax years 2020 and 2021. The IRS temporarily suspended mailing automated reminders to pay overdue tax bills during the pandemic,…
If you thought that selling those Taylor Swift tickets this past year on StubHub was going to get you a form 1099-K, then think again. The Internal Revenue Service has recently announced that they are postponing the lower threshold of $600 for Form 1099-K reporting, and will…
In the last Bottom Line newsletter, we explained the effective hold by the Internal Revenue Service (IRS) on processing new ERC claims until the end of the 2023 year. Recently, the IRS announced details of a special withdrawal process made to help those who filed a claim and…
In last month’s Bottom Line newsletter, we explained how the IRS has slowed the processing of any new Employee Retention Credit claims, in order to guard against fraudulent or incorrect submissions. The ERC is a pandemic-era relief program made up of refundable tax credits designed for businesses that…
In the last month, the IRS announced that due to “deep concerns about dubious Employee Retention Credit claims being submitted, they have slowed the processing of these claims to guard against fraudulent or incorrect submissions.” In 2020, Congress created the Employee Retention Tax Credit as a response…
Were you concerned that Congress was not going to raise the debt limit? Well, you can relax now that we know the government will not default on its debts. Since 1960, Congress has acted 78 separate times to raise, extend or revise the government’s debt limit. Once…
So many of our clients have been frustrated by the length of time it can take to get a response from the IRS when submitting paper documentation. Last Wednesday, Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel announced the Paperless Processing Initiative to try and reduce the…
United States Citizenship and Immigration Services has announced a new Form I-9, that went into effect on August 1st, 2023. The Form I-9 is used to verify the identity and employment authorization of individuals hired for employment. The Basics All employers must use Form I-9 to…