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IRS Offers Second Chance to Resolve Employee Retention Credit Claims with New Voluntary Disclosure Program
IRS launches second ERC Voluntary Disclosure Program to help businesses correct erroneous claims and avoid penalties.
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TPSA
Jul 94 min read
BREAKING NEWS: The IRS Has Just Updated Their Position Related to Denying or Paying Employee Retention Credit (ERC) Claims
A recent review has revealed that a substantial portion of the claims submitted show a high risk of being inappropriate. As a result...
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TPSA
Apr 244 min read
Reminder: Claims For Recovery Rebate Credit About to Expire
With May 17, 2024, the deadline for claiming 2020 refunds approaching, it's crucial for taxpayers to understand how to claim the 2020 cre...
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TPSA
Apr 55 min read
Is It Better to Have a Tax Credit or a Deduction?
In one way or another, tax deductions reduce the taxable portion of an individual’s income, reducing the tax on that income.
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TPSA
Feb 283 min read
Employers Beware: ERC Voluntary Disclosure Program Ends Soon
The IRS has issued several warnings urging people to carefully review the Employee Retention Credit (ERC) guidelines before trying to...
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TPSA
Oct 27, 20233 min read
IRS Provides Employers Way to Withdraw Dubious ERC Claims
Despite warnings from the IRS, the American Institute of CPAs, and other professional tax preparer societies, many business owners have...
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TPSA
Oct 27, 202310 min read
Obscure and Overlooked Tax Deductions, Credits, and Benefits
As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to missed tax credits..
59 views
TPSA
Mar 28, 20235 min read
False Employee Retention Credit Claims Can Mean Big Problems Later
Suppose you are a business person relaxing at home after a long day’s work, watching TV, and a commercial claims you can get a tax refund...
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TPSA
Mar 14, 20233 min read
What is the Work Opportunity Tax Credit, and Who Qualifies For It?
The Work Opportunity Tax Credit is available at the federal level to businesses that hire people from a targeted group that has...
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TPSA
Feb 7, 20233 min read
The Implications of the R&D Tax Policy Changes on Manufacturers Everywhere
If you've been keeping up with the news, you're undoubtedly aware of a recent policy change that will impact how research and development...
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TPSA
Nov 10, 20223 min read
IRS Plans on Targeting Abusive ERTC Claims
Have you seen those ads on television or received email solicitations promoting a significant tax credit? The tax credit they are referrin..
44 views
TPSA
Oct 25, 20222 min read
Are You Missing Out on the Increased Child Tax Credit?
If you were entitled to but did not receive advance payments, it may be because your income in prior years was below the filing...
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TPSA
Oct 11, 20223 min read
Research Credit Potentially Doubled By The Inflation Reduction Act
This little-known tax benefit for new, qualified small businesses is the ability to apply a portion of their research credit – up to $500...
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TPSA
Jan 12, 20223 min read
Advance Child Tax Credit and EIP Must Be Reconciled on Your 2021 Return
In 2021, Congress passed the American Rescue Plan, which included a provision that increased the child tax credit amount and upped the age..
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TPSA
Oct 25, 20215 min read
Employers Hiring New Employees May Be Able to Claim a Work Opportunity Tax Credit
The Covid-19 pandemic has had a significant impact on the labor market – mandated government lockdowns and workers' and customers' fears....
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TPSA
Sep 1, 20214 min read
Should You Opt Out of the Advance Child Tax Credit?
If you have children under the age of 18, by now, you likely have gotten your first Advance Child Tax Credit payment, either by check or by
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TPSA
Jun 29, 20215 min read
2021: The Year of Substantial Tax Breaks for Families with Children
This is an overview of the many tax benefits included in the American Rescue Plan Act recently passed by Congress that will impact families
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TPSA
Apr 29, 20212 min read
Here’s What Happened in the World of Small Business in April 2021
Here are five things that happened this past month that affect your small business.
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TPSA
Apr 7, 20218 min read
Don’t Miss Out on Tax Credits
Tax credits are a tax benefit that offsets your actual tax liability, as opposed to a tax deduction, which reduces your income. Congress pro
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TPSA
Mar 23, 20213 min read
Great News, Child Care Tax Credit Expanded for 2021
Great news if you are paying childcare expenses that enable you to work. As part of President Biden’s American Rescue Plan Act (ARPA) signed
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