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☆ My $500,000 Home Renovation Turned Into a Real-Estate Nightmare
▼ + stars: | 2024-05-01 | by ( Christine Chitnis | ) www.businessinsider.com time to read: +13 min

What was supposed to be a yearlong $140,000 renovation ballooned into three excruciating years that cost us more than $500,000 — and the work is still not finished. But as my husband and I soon discovered, unless you've made a plan, legal protections for homeowners are close to nonexistent. Every time our contractor turned up the temperature, we grimly adjusted to the reality of our demise. Knowing the cardinal rule of home renovation — never pay in full until the job is over and inspected — we grew suspicious. Despite completing several home-improvement and renovation projects with her husband over the years, she lacked the confidence to DIY the renovation of her newly purchased 6,500-square-foot home.

Persons: Arcadis, you've, Christine Chitnis, wasn't, It's, We've, Amanda Jane Jones, Jones, David Jensen, Greenberg Traurig, He'd, Jensen, Lisa DiAntonio, DiAntonio, hadn't, what's, Condé Organizations: Homeowners, Harvard's, for Housing Studies, Department of Business, American Institute of Architects, Vogue, The New York Times Locations: Rhode Island, North America, Northern Michigan, Michigan, Utah, New Jersey, Andover , Massachusetts

☆ The man who audited Trump's social media company misspelled his own name in 14 different ways: FT
▼ + stars: | 2024-04-25 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Read previewThe accountant hired to audit former President Donald Trump's social media company seemed to have a lot of trouble spelling his name, the Financial Times reported on Wednesday. But others, like Blake F Borgers and Ben F Vonesh, were entirely different names. Representatives for BF Borgers and Trump Media & Technology Group did not immediately respond to a request for comment from BI sent outside regular business hours. In November, Borgers' firm was also removed from the American Institute of Certified Public Accountants' peer review program. Trump Media shares had initially soared when it went public, only to crash by nearly 40% in a matter of weeks.

Persons: —, Donald Trump's, Ben F Borgers, Ben F Brogers, Ben F orgers, Blake F Borgers, Ben F Vonesh, Borgers, Brown, WithumSmith, Trump, Forbes, Jean Carroll, he's, Stormy Daniels Organizations: Service, Financial Times, Public Company, Business, BF Borgers, Trump Media & Technology Group, BI, Bloomberg, American Institute of Certified Public Accountants, Trump, Trump Media, New Locations: New York, Manhattan, Mar

☆ Stayed up all night? Here’s how to feel better
▼ + stars: | 2024-04-19 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +5 min

CNN —It was a dream come true for millions of Taylor Swift fans, after the superstar released her latest album, “The Tortured Poets Department,” at midnight on Friday. “The strongest reset for the circadian system is bright light,” said Dr. Phyllis Zee, director of the Center for Circadian and Sleep Medicine at Northwestern University Feinberg School of Medicine in Chicago. “Research shows that movement can boost circulation and increase alertness, helping you shake off that sleepiness faster,” Daddy Dasgupta said. “It could limit your ability to sleep well that night,” said sleep specialist Kristen Knutson, an associate professor of neurology and preventive medicine at Northwestern University’s Feinberg School of Medicine. And of course, listening to Taylor Swift counts as long as you turn it off before bed!”CNN’s Madeline Holcombe, Kristen Rogers and Ashley Strickland contributed Taylor Swift lyrics to this article.

Persons: Taylor Swift, ”, Phyllis Zee, “, Mina Dasgupta, Raj Dasgupta, Daddy Dasgupta, Taylor, ” Mina, ” Dasgupta, Cynthia Ackrill, Swift, it’s, Kristen Knutson, Dasgupta, Knutson, Madeline Holcombe, Kristen Rogers, Ashley Strickland Organizations: CNN, Poets Department, ”, Maserati, Center, Northwestern University Feinberg School of Medicine, “ Research, American Institute of, Northwestern University’s Feinberg School of Medicine Locations: Chicago, Huntington Heath, Pasadena , California

☆ An accounting firm hired to vet Truth Social's financials quit after less than a year because they no longer wanted to be linked to Trump: FT
▼ + stars: | 2024-04-16 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Read previewThe accounting firm that was first hired to audit former President Donald Trump's social media company quit just months after it was appointed, the Financial Times reported on Monday. WithumSmith+Brown was appointed to vet Trump Media & Technology Group's financials soon after it was founded in early 2021. In January 2022, Trump Media instead turned to a smaller accounting firm to conduct the audit, BF Borgers, which has less than stellar record with regulators. The company's shares initially skyrocketed when it went public in March, only for prices to plunge just a week later. That isn't great for Trump, whose net worth is tied to his holdings in Trump Media.

Persons: —, Donald Trump's, WithumSmith, Brown, Trump Media & Technology Group's financials, Trump, Borgers, BF Borgers, Forbes, Jean Carroll, Stormy Daniels Organizations: Service, Financial Times, Trump Media & Technology, Business, Trump Media, Public Company, BF Borgers, Bloomberg, American Institute of Certified Public Accountants, Trump, Trump Media's, Prosecutors, WithumSmith, Trump Media & Technology Group, Business Insider Locations: freefall, Manhattan

☆ An accounting firm hired to vet Truth Social's financials quit after less than a year because it no longer wanted to be linked to Trump: FT
▼ + stars: | 2024-04-16 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

☆ The accountant shortage is so bad that it's delaying key reports at companies like Tupperware
▼ + stars: | 2024-04-01 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +4 min

Read previewThe accountant shortage is so bad that companies are delaying filing key mandatory reports. On Friday, Tupperware said it didn't have enough accountants to get its annual report out on time. The storage container manufacturer is the latest on a growing list of companies that have delayed their annual reports for a host of reasons. About 70 companies have postponed annual reports this year, up 40% from last year, research company Intelligize tallied last month. Tupperware added that previous delays in filing its 2022 annual report led to postponement of its quarterly reports, which subsequently pushed back work on its 2023 annual report.

Persons: —, Tupperware, Intelligize, Steven Kachelmeier, Fitness Organizations: Service, Business, LinkedIn, PricewaterhouseCoopers, American Institute of Certified Public Accountants, US Bureau of Labor Statistics, Accountants, University of Texas, Mattel, Securities, Exchanges Locations: Orlando, Poland, American

☆ Who ends up holding the bag for the Baltimore bridge collapse?
▼ + stars: | 2024-03-28 | by ( Catherine Thorbecke | Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

Marine insurance companies will be on the hook for much of the costs. These insurance companies are backed by insurance companies of their own – a type of business known as a reinsurer. The potential cost of insurance claims from the bridge collapse could be between $1 billion and $3 billion, analysts at Barclays wrote in a note Wednesday. “But other than that, the economic impact of what has happened will be enormous, but not recoverable from the ship,” Davies said. Maryland lawmakers, meanwhile, are drafting an emergency bill to provide income replacement for Port of Baltimore workers impacted by the bridge collapse.

Persons: Baltimore’s Francis Scott Key, ”, John Miklus, Dali, Brendan Holmes, Miklus, Loretta Worters, Worters, Martin Davies, ” Davies, Joe Biden, Francis Scott Key, it’s, ” Biden, Scott Olson, Davies, Bill Ferguson Organizations: New, New York CNN, American Institute of Marine Underwriters, “, Barclays, Grace Ocean, Britannia, Indemnity, International Group, International, CNN, Insurance, Costa, Maritime Law Center, Tulane University, “ Maersk, Federal Highway Administration, Infrastructure Investment, Jobs, Biden, . Workers, Robins, Repair, Port, Maryland Locations: New York, Singapore, Costa Concordia, Italy, Danish, Baltimore , Maryland, Maryland, Baltimore

☆ The marine insurance industry is bracing for huge claims from the Baltimore bridge disaster
▼ + stars: | 2024-03-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Huge insurance claims are expected after the Dali collided with a major bridge on Tuesday. The claims could be on par with the $1.5 billion from the Costa Concordia disaster, an expert told Insurance Business. AdvertisementThe marine insurance industry is bracing for huge claims from Tuesday's Baltimore bridge disaster. AdvertisementThe marine insurance and reinsurance markets are likely to foot most of the bills, S&P Global reported on Tuesday. The Baltimore bridge itself is insured by insurance giant Chubb, per Insurance Insider.

Persons: Dali, —, Francis Scott Key, John Miklus, Miklus, Costa Concordia's, You've, Cintia Nazima, Chubb, SCOR Organizations: Business, Insurance, Service, American Institute of Marine Underwriters, Costa Concordia, Maryland Transportation Authority, Wall, P Global, Britannia Locations: Costa Concordia, Tuesday's Baltimore, Costa, Italy, Baltimore, Dali's Baltimore, Britannia, London, Suez

☆ Here's who could be responsible for paying for the Baltimore bridge disaster
▼ + stars: | 2024-03-27 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +5 min

Read previewThe Francis Scott Key Bridge in Baltimore collapsed on Tuesday after a large container ship ran into it, leading to six presumed deaths and millions of dollars in possible damage. President Joe Biden said on Tuesday the federal government should be responsible for paying to reconstruct the damaged Francis Scott Key Bridge. The Francis Scott Key Bridge, named for Francis Scott Key, the author of the Star Spangled Banner. Drone footage shows aftermath of the Dali container ship's collision into the Francis Scott Key Bridge in Baltimore, Maryland, on March 26, 2024. AdvertisementThe Dali is covered by the Britannia Steam Ship Insurance Association Ltd., known as Britannia P&I Club, according to S&P Global Market Intelligence.

Persons: —, Francis Scott Key, It's, Joe Biden, Biden, David MacKenzie, Dali, Ryan Petersen, Petersen, John Miklus, Britannia Organizations: Service, Business, Sky News, Star, Getty Images Baltimore, Maersk, Synergy Group, Anadolu Agency, Reuters, American Institute of Marine Underwriters, Insurance, Britannia Steam Ship Insurance Association Ltd, P Global Market Intelligence, International Group Locations: Baltimore, Dali, Singapore, Baltimore , Maryland, Britannia, London

☆ A complex and clubby group in London could face billions in claims from the Baltimore bridge collapse
▼ + stars: | 2024-03-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. With the crash of the container ship Dali into the Francis Scott Key Bridge in Baltimore on Tuesday, insurance underwriters are duly updating those books as a picture emerges of the true cost of damages. Economists told Business Insider the port closure itself will cost $15 million per day in lost economic activity, with other disruptions pushing the total into the tens of millions per day. All told, Barclays said insurance companies could be looking at claims as high as $3 billion as a result of the crash, Bloomberg reported. AdvertisementStill, the collapse of the Key Bridge could lead to "one of the largest claims ever to hit the marine (re)insurance market," John Miklus, president of the American Institute of Marine Underwriters, told Insurance Business.

Persons: —, Dali, Francis Scott Key, Morningstar, Marcos Alvarez, Edward Lloyd, doesn't, Lloyd's, John Miklus Organizations: Service, Business, Barclays, Bloomberg, Port, Reuters, Lloyd's, American Institute of Marine Underwriters, Insurance Business Locations: London, Baltimore, Port of Baltimore, Britannia

☆ A historic and clubby group in London could face billions in claims from the Baltimore bridge collapse
▼ + stars: | 2024-03-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Claims from the container ship Dali's crash into Baltimore's Key Bridge could cost insurers a lot. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . With the crash of the container ship Dali into the Francis Scott Key Bridge in Baltimore on Tuesday, insurance underwriters are updating those books as a picture of the true cost of damages emerges. Economists told Business Insider the port closure itself will cost $15 million a day in lost economic activity, with other disruptions pushing the total into the tens of millions a day. AdvertisementStill, the collapse of the Key Bridge could lead to "one of the largest claims ever to hit the marine (re)insurance market," John Miklus, the president of the American Institute of Marine Underwriters, told Insurance Business.

Persons: —, Dali, Francis Scott Key, Marcos Álvarez, Edward, doesn't, Lloyd's, John Miklus Organizations: Service, Barclays, Bloomberg, Port, Reuters, Lloyd's, American Institute of Marine Underwriters, Insurance Business Locations: London, Baltimore, Port of Baltimore, Britannia

You get tax forms such as W-2s and 1099s from employers and financial institutions each year. "It's the [IRS] matching software that's the biggest, most consistent problem for taxpayers," said Bill Smith, national director of tax technical services at financial services firm CBIZ MHM. Since the IRS already has a copy of your tax forms, its software can easily flag missing forms, Smith explained. When to expect tax formsWhile many tax forms must be sent by Jan. 31, others won't arrive until mid-February or beyond. While most taxpayers will receive forms from their employers or financial institutions, some may not, especially for small amounts.

Persons: Bill Smith, CBIZ, Smith, Henry Grzes, Tom O'Saben, Jan, " Smith, O'Saben Organizations: IRS, American Institute of CPAs, National Association of Tax, NEC, SA

☆ Investors may miss out on this key tax loophole if they actively trade a spot bitcoin ETF
▼ + stars: | 2024-01-18 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

But there's a catch with conventional assets: the wash sale rule . Now, tax professionals are flagging a potential wrinkle that may arise: Even though bitcoin itself isn't subject to the wash sale rule, a spot bitcoin ETF very well may be. Property versus security Under federal tax law, the IRS deems cryptocurrency to be property . Managing limitations At its core, that means investors should avoid swapping in and out of the same spot bitcoin ETF within the 61-day limit if they had sold the position. This also raises the question of whether dumping one spot bitcoin ETF for another would be deemed substantially identical.

Persons: Stephen Turanchik, Paul Hastings, Andrew Gordon, Dan Herron, Richard LaFalce, Morgan Lewis, Turanchik Organizations: Internal, Digital, Tax, Force, American Institute of CPAs, IRS, Gordon Law Group, Elemental Wealth, Investors Locations: San Luis Obispo , California

☆ A Black Woman’s Rise in Architecture Shows How Far Is Left to Go
▼ + stars: | 2023-11-11 | by ( Jane Margolies | ) www.nytimes.com time to read: +1 min

When Kimberly Dowdell becomes president of the American Institute of Architects next month, her ascent will be noteworthy. Ms. Dowdell, an architect in a profession that is overwhelmingly white and male, is a Black woman, the first to fill the post in the group’s 166-year history. African Americans make up 13.6 percent of the U.S. population, but only 1.8 percent of licensed architects in the country are Black, according to the National Council of Architectural Registration Boards. Fewer than a quarter of the nearly 120,000 licensed architects in the United States are women, and not even one half of 1 percent of architects are Black women. There are small signs of change: Nearly 3 percent of architects who received their license last year were Black, and 43 percent of new architects were women.

Persons: Kimberly Dowdell, Dowdell Organizations: American Institute of Architects, National Council of Locations: United States

☆ 'Buyer beware.' Anyone can call themselves a tax preparer. Here’s how to find a qualified professional
▼ + stars: | 2023-10-05 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

There's a staffing shortage in the accounting industry, and it's not too early to lock in a tax preparer for next season. "Buyer beware," said April Walker, lead manager for tax practice and ethics with the American Institute of CPAs. "Truly, anybody can call themselves a tax preparer." In her 2022 annual report to Congress, National Taxpayer Advocate Erin Collins highlighted the "absence of minimum competency standards for return preparers" as a top problem. When a preparer makes a mistake, the filer is ultimately responsible for their return and can face IRS enforcement action, she wrote.

Persons: it's, Walker, Roth, there's, Erin Collins Organizations: American Institute of CPAs, Finance, IRS, National

CNN —The 2023 Nobel Prize in physics has been awarded to a team of scientists who created a ground-breaking technique using lasers to understand the extremely rapid movements of electrons, which were previously thought impossible to follow. “An attosecond is to one second as one second is to the age of the universe,” the committee explained. Pierre Agostini, Ferenc Krausz and Anne L'Huillier shared this year's physics prize. Rapid movements blur together, making extremely short events impossible to observe. Electrons’ movements in atoms and molecules are so rapid that they are measured in attoseconds.

Persons: Pierre Agostini, Ferenc Krausz, Anne L’Huillier “, “, Bob Rosner, ”, Rosner, Anne L'Huillier, Max Planck, ” L’Huillier, Hans Ellegren, L’Huillier, Olle Eriksson, —, Michael Moloney, ” Moloney Organizations: CNN, American Physical Society, University of Chicago, Ohio State University, Max, Quantum Optics, National Academy of Sciences, Lund University, Max Planck, Royal Swedish Academy of Sciences, Uppsala University, American Institute of Physics Locations: Stockholm, Sweden, Germany

☆ IRS to target 'unscrupulous' tax preparers amid crackdown of small business tax credit
▼ + stars: | 2023-09-24 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Chip Somodevilla | Getty ImagesIRS scrutiny of the employee retention creditThe plan is part of the agency's elevated focus on employee retention credit claims, according to April Walker, lead manager for tax practice and ethics with the American Institute of CPAs. A pandemic-era tax break, the employee retention credit, or ERC, was designed to support small businesses that kept employees on payroll during shutdowns or revenue declines in 2020 and 2021. He included the earned income tax credit, a tax break claimed by low- to moderate-income filers, which has been prone to mistakes due to complex eligibility requirements. While IRS audit rates have dropped overall, the rates have declined more slowly for filers claiming the earned income tax credit than higher earners. "The IRS audits a higher percentage of taxpayers with the earned income tax credit than any other taxpayers, except those with at least $5 million of total positive income," National Taxpayer Advocate Erin Collins wrote in her 2022 report.

Persons: Daniel Werfel, Chip Somodevilla, April Walker, Werfel, Chuck Marr, Erin Collins Organizations: Senate, Getty, American Institute of CPAs, ERC, IRS, Budget, National Taxpayer, filers Locations: Worth

☆ Covid apathy and fatigue are real. Here’s how to cope
▼ + stars: | 2023-09-07 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +6 min

“One of the responses to stress is to freeze — to stop living in your tracks. “I think there is also a societal PTSD connected to Covid — we were not designed to watch humans suffer,” she said. There is no shame in getting help.”How to fight your Covid apathyStuck in idle? There are also tools you can use to stop stress in its tracks. “The booster has been updated to provide immunity to many of the newer Covid strains that are circulating,” he said.

Persons: CNN —, ”, Cynthia Ackrill, ‘, ’, Ackrill, “, we’re, you’ll, you’ve, Tai Chi, Jane Webber, Webber, can’t, ” Webber, that’s, Covid, William Schaffner, Schaffner, Let’s Organizations: CNN, American Institute of, Kean University Locations: New Jersey

☆ Photo Essay: A Historic Dallas Neighborhood Grapples With Gentrification
▼ + stars: | 2023-08-24 | by ( Azul Sordo | ) www.usnews.com time to read: +19 min

Raul Gutiérrez Alvarado (left) and his nephew, William Domínguez Gutierrez, pose for a portrait outside of their Oak Cliff home. At the time, the local media narrative was one of positive change for the neighborhood, Valderas says. (Azul Sordo for USN&WR)Before the BarrioOak Cliff was once a majority-white, working class neighborhood, annexed by Dallas in 1903. South Oak Cliff, which is largely Black and Hispanic, has a long record of neglect, well documented by Texas Monthly . This is the only photo she has of herself, which adorns the living room of her South Oak Cliff home.

Persons: Cliff, Seattle –, Ferguson, Raul Gutiérrez Alvarado, William Domínguez Gutierrez, Oak Cliff, Gutierrez, Manuel Sordo, Giovanni Valderas, Valderas, “, Ezekiel Garcia, Brianna Hinguanzo, Jose Melendez, Diana Melendez, ”, . Sandoval, Sandoval, Strausz, ” Sandoval, Tereso Ortiz, they’ve, They’ve, ” Ortiz, Claudia Rangel, Damien Olguin, Rangel, Pearlina Bates, she’s, Bates, ” Bates, ‘ Let's, Todd Williams, Sam Moss, Moss, Cliff Valderas, –, ” Valderas, Chad West, Gloria McCoy, Joann, McCoy, SaCarol Ford, Shaun Montgomery, She’s, Charles Strain, Noah Penn, ” Montgomery, Robert L, Thornton, ” Kathryn Holliday, that's, Tomorrow Bates, it’s, ‘, ” Pearlina Bates Organizations: DALLAS, U.S ., U.S . As Texas, USN, Dallas Morning News, National Community Reinvestment Coalition, Dallas, San, Texas Woman’s University, Oak Cliff, cleats, Bishop Arts, Institute, Ku Klux Klan, D Magazine, “, Penn State University, Bishop Arts District, Casa, Blacks, New York City, Texas Woman's University, Dallas County, City Council, Chad, Greater El Bethel Missionary Baptist Church, Tenth, Historic, Tenth Street Residential Association, Greater El Bethel Church, Ninth Ward School, Ku Klux, Dallas Observer, American Institute of Architects, University of Illinois, Tenth Street, Greater El Bethel Baptist Missionary Church, Sunday, Texas Monthly, Cliff Locations: Dallas, U.S, U.S . As, Seattle, Lawndale, Chicago, Missouri, Dover , New Jersey, Michocán, Mexico, Oak, San Francisco, Denver, Boston, North Oak, Jefferson, “ Texas, Black, “ Barrio America, American City, South Dallas, Oak Cliff, ”, Casa Guanajuato, Dallas from Louisiana, –, Kiest Park, Texas, Melba, Greater El Bethel, Van Buren

☆ Lawmakers weigh tax rule 'backslide' for Venmo, PayPal users, says analyst. What it means for you
▼ + stars: | 2023-08-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

There's bipartisan support for the changeThe lower Form 1099-K thresholds were originally slated for 2022. watch nowThe Republican-led House Ways and Means Committee in June approved legislation to revert the reporting thresholds back to 2022 levels. Form 1099-K has 'always been problematic'Meanwhile, there are lingering worries among tax professionals about the 1099-K change. For businesses selling goods, she said Form 1099-K may not accurately reflect returns or adjustments. How to prepare for the 1099-K reporting change

Persons: Sherrod Brown, Bill Cassidy, Rosenthal, AICPA, Phyllis Jo Kubey, Kubey Organizations: PayPal, IRS, Republican, Sens, American Institute of CPAs, New York State Society of Locations: Ohio, New York

☆ $2.5 Million Homes in Colorado, Washington and Maine
▼ + stars: | 2023-07-05 | by ( Angela Serratore | ) www.nytimes.com time to read: +1 min

It is half a block from the popular oversized sundial at Cranmer Park and less than a mile from public elementary and middle schools. A movie theater and a Trader Joe’s are also nearby, on Colorado Boulevard. Driving to downtown takes about half an hour. Size: 3,054 square feetPrice per square foot: $819Indoors: Mature landscaping shields the property from the street, and a brick driveway leads to the home’s front entrance, up a short flight of stairs. A double-sided fireplace faces a sitting area on one side and a cozy conversation pit with built-in bench seating on the other.

Persons: Richard W, Quinn Organizations: Denver, American Institute of Architects Locations: American Institute of Architects ’ Connecticut, Colorado, Breckenridge, Vail

☆ IRS weighs guidance for small business tax credit. ‘People were duped,’ taxpayer advocate says
▼ + stars: | 2023-06-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

After a flood of business returns with a pandemic-era tax credit, the IRS is weighing guidance for those who wrongly claimed the tax break. The employee retention credit, or ERC, was created to support small businesses during the Covid-19 pandemic. There's still time to amend returns and claim the credit — worth up to $5,000 per employee for 2020 or $28,000 per employee in 2021. Experts say the opportunity has sparked a wave of specialist firms falsely promising business owners they qualify for the complicated tax break. As of March 3, just over 866,000 companies claimed and received employee retention credits totaling over $152.6 billion, according to the latest IRS Data Book.

Persons: Erin Collins Organizations: ERC, American Institute of Certified Public Accountants, Finance, Firms, IRS

☆ Firms are 'bombarding' small businesses with ads for a Covid-era tax credit, advisor says. Here's how to know if you qualify
▼ + stars: | 2023-06-18 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Small businesses are facing an onslaught of ads, phone calls and emails to help them claim a pandemic-era tax credit. The tax break — known as the employee retention credit, or ERC — was enacted in 2020 to support small businesses during the Covid-19 pandemic, worth up to $5,000 per employee for 2020 or $28,000 per employee in 2021. While the credit applies to tax year 2020 or 2021, business owners still have time to amend returns and claim the credit, which has sparked a flood of ads from companies offering to help. While Hausz's company has completed at least 100 amended filings for clients to claim the employee retention credit, it has also informed clients when they don't qualify. "ERC mills" have popped up, charging small businesses up to 25% to 30% of the credit received, said Kristin Esposito, director for tax policy and advocacy for the American Institute of CPAs.

Persons: Craig Hausz, Kristin Esposito Organizations: ERC —, Finance, CMH Advisors, ERC, American Institute of CPAs Locations: Dallas

☆ This one-time strategy can waive IRS tax penalties. 'It’s like a get out of jail free card,' expert says
▼ + stars: | 2023-06-09 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

LAS VEGAS — If you received a tax penalty notice from the IRS, it's possible to get the fees waived in certain situations, tax experts say. "It's like a get out of jail free card," said Rosemary Sereti, managing director of Deloitte Tax and a former IRS senior executive. "Very frequently, these two penalties run together," said Debra Estrem, managing director of private wealth controversy at Deloitte Tax, who also worked at the IRS Office of the Chief Counsel. Another fee, the accuracy-related penalty, is typically assessed at 20% of the underpayment amount for cases of "negligence or disregard," according to the IRS. There's also a high fee for civil fraud — "a whopping 75% penalty" — but the IRS has the "burden of proof" for those cases, she said.

Persons: Rosemary Sereti, Debra Estrem, Estrem, There's Organizations: Deloitte Tax, IRS, American Institute of Certified Public Accountants, Finance Locations: Las Vegas

☆ IRS still has a sizable backlog of returns despite improvements, taxpayer advocate says
▼ + stars: | 2023-06-08 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

But there's still work to do, according to National Taxpayer Advocate Erin Collins. However, despite customer service boosts, the agency is still working through a sizable backlog — including amended returns, filings in suspense and other correspondence, she said. Collins said the IRS is currently juggling 3.7 million amended returns, 6.8 million "in suspense" with missing information and 5.3 million pieces of correspondence. This season, the agency has prioritized phone service and answered more than 85% of calls from key phone lines in less than five minutes. "The problem is, we are now back to a backlog of paper correspondence and amended returns, similar to where we were a year ago," she said.

Persons: there's, Erin Collins, Collins Organizations: VEGAS, IRS, American Institute of Certified Public Accountants, Finance, Advocate Service Locations: Las Vegas

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