Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "ERC"


25 mentions found


NEW YORK (AP) — The IRS says it's making progress with initiatives to claw back money improperly distributed under the Employee Retention Credit. The ERC was designed to help businesses retain employees during pandemic-era shutdowns, but it quickly became a magnet for fraud. Its complex eligibility rules allowed scammers to target small businesses, offering help applying for the ERC for a fee — even if they didn't qualify. An ongoing program that lets small businesses withdraw unprocessed claims has led to 1,800 businesses withdrawing $251 million worth of claims. “We remain deeply concerned about widespread abuse involving these claims that have harmed small businesses,” said IRS Commissioner Danny Werfel.
Persons: , , Danny Werfel Organizations: IRS, ERC
As Tax Day approaches, there are plenty of things small business owners should keep in mind when filing taxes this year. Since business tax filing is complex, most experts recommend small business owners work with a professional tax adviser rather than trying to file on their own or even with tax-filing software. Here are things small business owners should consider as the April 15 deadline looms. There’s also a tax credit based on employer contribution, up to $1,000 annually per employee, over the plan’s first five years. Designed to help small businesses keep employees during pandemic-era shutdowns, the generous credit let businesses file amended tax returns to claim the credit.
Persons: , Amber Kellogg, , it’s, Mitch Gerstein, Gerstein, There’s, Scott Orn, Orn, ” Orn, Danny Castro, Occams Organizations: Occams Advisory, Isdaner, Congress, Kruze Consulting, BDO USA, BBO, ERC, IRS Locations: Florida
The IRS has put a freeze on ERC refunds but that hasn’t stopped financing firms looking to capitalize on the popular pandemic-era tax break. Credit funds, small business lenders and ERC processing firms are all offering bridge loans and cash advances to small businesses waiting for their refunds. Such financing has gotten a boost after the IRS put a moratorium on the ERC program in September.
Persons: hasn’t Organizations: IRS, ERC
Sanchez wins Spanish parliament's backing for new term as PM
  + stars: | 2023-11-16 | by ( ) www.reuters.com   time to read: +1 min
His Spanish Socialist Workers' Party (PSOE) had reached separate deals with a number of regional parties to earn their backing, including a contentious bill on amnesty for Catalan separatists that has sparked protests across Spain. Sanchez's bid garnered 179 votes in favour and 171 against, with no abstentions. The "nays" stemmed from the conservative People's Party, the far-right Vox and the People's Union of Navarre's lone lawmaker. PSOE's hard-left ally Sumar, Catalan pro-independence parties Junts and ERC, Basque parties PNV and EH Bildu, Galicia's BNG and the Canary Coalition all voted for Sanchez, who first acceded to the office in 2018. Reporting by Belén Carreño, Inti Landauro and Emma Pinedo; Writing by David Latona; Editing by Andrei KhalipOur Standards: The Thomson Reuters Trust Principles.
Persons: Pedro Sanchez, amnesties, Catalonia's, Sanchez's, Vox, Navarre's, PSOE's, Sumar, Galicia's BNG, Sanchez, Belén Carreño, Inti Landauro, Emma Pinedo, David Latona, Andrei Khalip Organizations: Spain's, Spanish Socialist Workers ' Party, PSOE, People's Party, People's Union, Junts, ERC, Canary Coalition, Thomson Locations: MADRID, Spain, Catalan, Basque
Sanchez's confirmation as premier would end four months of uncertainty since an election in July produced no outright winner. Authorities said 15 people were arrested in a 2,000-person protest on Wednesday night outside the Socialist Party headquarters in Madrid following clashes with police. Feijoo, who accused Sanchez of undermining the rule of law on Wednesday called for mass protests on Saturday Nov 18. Sanchez argued on Wednesday that an amnesty would help to defuse tensions in Catalonia. Reporting by Belen Carreño and Emma Pinedo; Writing by Charlie Devereux; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.
Persons: Pedro Sanchez applauds, amnesties, Catalonia's, Sanchez, Pedro Sanchez, Alberto Nunez Feijoo, Jorge Pueyo, Sumar, Patxi Lopez, Feijoo, Miriam Nogueras, Nogueras, Belen Carreño, Emma Pinedo, Charlie Devereux, Sharon Singleton Organizations: Spain's, Socialist, People's Party, Sanchez's Socialist Party, PSOE, ERC, Socialists, Authorities, Socialist Party, Thomson Locations: MADRID, Spain, Catalonia, Basque Country, Galicia, Madrid, Socialist
Sanchez Wins Spanish Parliament's Backing for New Term as PM
  + stars: | 2023-11-16 | by ( Nov. | At A.M. | ) www.usnews.com   time to read: +1 min
MADRID (Reuters) - Spain's lower house of parliament on Thursday voted to make Pedro Sanchez prime minister for another term by a wafer-thin margin, ending a protracted deadlock after an inconclusive general election in July. His Spanish Socialist Workers' Party (PSOE) had reached separate deals with a number of regional parties to earn their backing, including a contentious bill on amnesty for Catalan separatists that has sparked protests across Spain. The "nays" stemmed from the conservative People's Party, the far-right Vox and the People's Union of Navarre's lone lawmaker. PSOE's hard-left ally Sumar, Catalan pro-independence parties Junts and ERC, Basque parties PNV and EH Bildu, Galicia's BNG and the Canary Coalition all voted for Sanchez, who first acceded to the office in 2018. (Reporting by Belén Carreño, Inti Landauro and Emma Pinedo; Writing by David Latona; Editing by Andrei Khalip)
Persons: Pedro Sanchez, Sanchez's, Vox, Navarre's, PSOE's, Sumar, Galicia's BNG, Sanchez, Belén Carreño, Inti Landauro, Emma Pinedo, David Latona, Andrei Khalip Organizations: Spanish Socialist Workers ' Party, PSOE, People's Party, People's Union, Junts, ERC, Canary Coalition Locations: MADRID, Spain, Catalan, Basque
The amnesty deal with Catalan separatists has prompted a wave of protests across Spain. Authorities said 80,000 people gathered in Madrid on Sunday, while tens of thousands also attended demonstrations in Granada and Seville. Thousands have congregated each night for nearly a fortnight outside the Socialist Party (POSE) headquarters in Madrid. "We are Spaniards worried about Spain," said one young protester draped in a Spanish flag. The Supreme Court on Wednesday rejected an injunction by the far-right party Vox to suspend the investiture vote.
Persons: Sanchez, Pedro Sanchez's, Junts, Vox, Adolf Hitler, Esteban Gonzalez Pons, Alberto Nunez Feijoo, Belen Carreno, Miguel Gutierrez, Charlie Devereux, Aislinn Laing, Emelia Organizations: Spain's, Amnesty, Spain MADRID, Police, ERC, Sanchez’s Socialists, People's Party, Authorities, Sunday, Socialist Party, Eastern, European, Sanchez's Socialist Party, PSOE, Junts, Thomson Locations: Spain, Spain's, Madrid, Catalan, Granada, Seville, Spanish, Hungary, Romania
MADRID (Reuters) - Spain's acting Prime Minister Pedro Sanchez will seek to clinch a new term in a parliamentary vote on Thursday, the lower house speaker Francina Armengol said on Monday. The vote will follow a parliamentary debate scheduled to start at noon local time (1100 GMT) on Wednesday, she told reporters. Sanchez looks assured of winning a new term with an absolute majority of the 350-member assembly. The prospect of the amnesty has brought thousands of opponents to the streets over the past week. After an inconclusive election on July 23, Sanchez's Socialist Party spent weeks negotiating with smaller parties, most of which had supported him in 2020 for his previous term.
Persons: Pedro Sanchez, Francina Armengol, Sanchez, UPN's, Inti Landauro, David Latona, Andrew Cawthorne Organizations: Junts, ERC, Sanchez's Socialist Party, Bildu, Canary Coalition Locations: MADRID, Catalan, Spain, Basque, Navarre
REUTERS/Susana Vera/File photo Acquire Licensing RightsMADRID, Nov 13 (Reuters) - Spain's acting Prime Minister Pedro Sanchez will seek to clinch a new term in a parliamentary vote on Thursday, the lower house speaker Francina Armengol said on Monday. The vote will follow a parliamentary debate scheduled to start at noon local time (1100 GMT) on Wednesday, she told reporters. Sanchez looks assured of winning a new term with an absolute majority of the 350-member assembly. After an inconclusive election on July 23, Sanchez's Socialist Party spent weeks negotiating with smaller parties, most of which had supported him in 2020 for his previous term. Reporting by Inti Landauro; Editing by David Latona and Andrew CawthorneOur Standards: The Thomson Reuters Trust Principles.
Persons: Pedro Sanchez, Andoni Ortuzar, Susana Vera, Francina Armengol, Sanchez, UPN's, Inti Landauro, David Latona, Andrew Cawthorne Organizations: Basque Nationalist Party, REUTERS, Rights, Junts, ERC, Sanchez's Socialist Party, Bildu, Canary Coalition, Thomson Locations: Madrid, Spain, Rights MADRID, Catalan, Basque, Navarre
An IRS memo is the latest sign of the agency’s tough line in audits of the employee retention credit, or ERC. Photo: stefani reynolds/Agence France-Presse/Getty ImagesA lot of federal money is riding on what counts as a government order, and the Internal Revenue Service and tax firms are preparing for legal fights about that crucial definition. Employers can claim a pandemic-era tax credit worth up to $26,000 per worker if a government order fully or partially suspended their operations. Some employers and tax advisers say they can rely on Occupational Safety and Health Administration guidelines encouraging ventilation, physical distancing and other measures.
Persons: stefani reynolds Organizations: ERC, Agence France, Internal Revenue Service, Safety, Health
BARCELONA, Nov 2 (Reuters) - Catalan separatist party Esquerra Republicana de Catalunya (ERC) reached a deal with Spain's Socialists (PSOE) to support acting Prime Minister Pedro Sanchez's bid for a second term, both parties said on Thursday. However, the crucial backing of rival party Junts remains pending amid last-minute negotiations. Seeking the support of the Catalan parties, Sanchez said on Saturday he favoured granting an amnesty to people involved with Catalonia's failed 2017 independence bid. The agreement with ERC included "an amnesty for all", the Catalan party's chairman Oriol Junqueras told reporters, without elaborating. Junts held a meeting in Brussels to decide whether to back Sanchez's investiture, but it ended without an agreement with the PSOE, said a Junts source.
Persons: Esquerra, Pedro Sanchez's, Junts, Sanchez, Catalonia's, Oriol Junqueras, Pere Aragones, Felix Bolanos, Bolanos, Junqueras, Emma Pinedo, Belen Carreno, Charlie Devereux, Joan Faus, Gareth Jones Organizations: ERC, Spain's Socialists, PSOE, Thomson Locations: BARCELONA, Catalan, Basque, Spain, Brussels
REUTERS/ Albert Gea/File photo Acquire Licensing RightsMADRID, Oct 28 (Reuters) - Spain's acting Prime Minister Pedro Sanchez on Saturday said he supported granting a controversial amnesty to those involved in Catalonia's failed 2017 independence bid, in the hope of persuading the region's parties to back him in government. He needs the backing of Catalan separatist parties, Esquerra Republicana de Catalunya ERC and Junts, who have demanded an amnesty law that could potentially cover more than 1,400 people involved in the failed independence bid. "To continue moving forward, we must overcome all the episodes that in the past divided us and fractured our societies," Sanchez said. He said his party "looks at the problems head on", adding 80% of Catalans supported an agreement on the issue. A poll in September showed 70% of respondents - 59% of them socialist supporters - were against an amnesty.
Persons: Oriol Junqueras, Passeig de Gracia, Albert Gea, Pedro Sanchez, Catalonia's, Sanchez, Esquerra, Jessica Jones, Mike Harrison Organizations: Passeig, REUTERS, Rights, Socialist Party's Federal, Catalunya ERC, Junts, Catalans, Thomson Locations: Barcelona, Spain, Rights MADRID, Catalonia, Madrid, Catalan
The Employee Retention Credit was intended to be a financial lifeline to small businesses struggling to make ends meet during the pandemic. Innovation Refunds — a consulting firm that focuses on the ERC — was one of the most visible advertisers during the tax credit's heyday. How Innovation Refunds worksOn its website, Innovation Refunds makes it clear it is not a tax professional. Innovation Refunds markets to clients, determines if they are viable candidates for the credit and then collects businesses' documentation. Some former employees said this could insulate Innovation Refunds from potential liability if ineligible businesses claimed the credit.
Persons: Danny Werfel, Andrew Kelly, Howard Makler, Ty Burrell, Burrell, Rob Domenico, Werfel, Tom Williams, Makler, Kate Rogers, Domenico, Slack, Jenn McCabe, Armanino Organizations: Companies, ERC, Internal Revenue Service, IRS, ERC —, CNBC, Reuters, CPA, Senate, Washington , D.C, CQ, Inc, Getty, LinkedIn, Justice Locations: New York, Washington ,, Des Moines
The Good Brigade | Digitalvision | Getty ImagesThe IRS has announced a special withdrawal process for small businesses that wrongly claimed a pandemic-era tax break — and experts have tips for those who may be affected. Worth thousands per eligible employee, the ERC attracted a cottage industry of companies pressuring small businesses to amend payroll tax returns and wrongly claim the credit. The IRS on Thursday unveiled a withdrawal option for small businesses with pending ERC claims before facing repayment, interest and penalties. "This is a game-changer," said Eric Hylton, national director of compliance for Alliantgroup, a firm that has been reviewing ERC claims for other tax professionals. As of Oct. 11, the agency estimated a backlog of 849,000 Forms 941-X, which includes ERC claims.
Persons: Eric Hylton, I'm, Hylton, you've, there's, It's, Dean Zerbe, Zerbe Organizations: Brigade, IRS, ERC, Alliantgroup Locations: Worth, It's
The IRS move is part of the agency’s attempt to combat fraud and abuse in the tax credit, known as the ERC. Photo: Ting Shen for the Wall Street JournalWASHINGTON—The Internal Revenue Service opened an escape hatch from one of its major tax-enforcement campaigns, giving employers the ability to withdraw pending claims for a pandemic-era tax credit that has become a headache for the agency. Employers who haven’t received their refunds or cashed their checks for the employee-retention credit can now withdraw their claims without penalties or interest, even if they are already under audit. If the IRS accepts their withdrawal, it would effectively end an audit.
Persons: Ting Shen, haven’t Organizations: IRS, ERC, Wall Street Journal WASHINGTON, Internal Revenue Service, Employers
The IRS on Thursday announced a "special withdrawal process" for small businesses that may have wrongly claimed the so-called employee retention tax credit, or ERC. Enacted to support small businesses during the pandemic, the ERC, worth thousands per eligible employee, has been a magnet for fraudulent or "questionable claims," according to the IRS. Many small businesses were misled by ERC promoters, prompting the agency to temporarily stop processing for new claims in September. Small businesses can use the ERC claim withdrawal process if they meet the following criteria:They claimed the ERC on an adjusted employment return (Forms 941-X, 943-X, 944-X, CT-1X). Small businesses can learn more about the ERC withdrawal process by visiting IRS.gov/withdrawmyERC.
Persons: Daniel Werfel, Danny Werfel, Here's, Werfel, haven't, IRS.gov Organizations: Revenue, Senate, IRS, ERC, Finance
As the Supreme Court starts a new term, experts are closely watching a case that could have sweeping effects on the U.S. tax code, including corporate revenue and future wealth tax proposals. The plaintiffs are fighting taxes on earnings that weren't distributed to them by arguing about the definition of income, which could have broader implications, according to policy experts. Designed as a transition tax, the legislation required a one-time levy on earnings and profits accumulated in foreign entities after 1986. While the 16th Amendment outlines the legal definition of income, the Moore case questions whether individuals must "realize" or receive profits before incurring taxes. It's an issue that has been raised during past federal billionaire tax debates and could affect future proposals.
Persons: Moore, Matt Gardner Organizations: Taxation, Economic, Finance, Republicans, ERC, Biden Locations: United States, Washington, KisanKraft, India
Rep. Jason Smith, R-Mo., speaks during a House Oversight and Accountability Committee impeachment inquiry hearing on Sept. 28, 2023. Jonathan Ernst | ReutersHouse Republicans are pressing the IRS for answers after the agency paused processing new claims for a pandemic-era small business tax break. Lawmakers voiced "continued concerns" about the employee retention credit, or ERC, which was enacted to support small businesses during the Covid-19 pandemic. The backlog of unprocessed ERC claimsAs of Sept. 27, the total inventory of unprocessed Forms 941-X, used to amend an employer's quarterly federal tax returns, was roughly 779,000, according to the IRS. However, the ERC claim backlog may be significantly higher due to professional employer organizations, or PEOs, which provide payroll benefits and other HR services.
Persons: Jason Smith, Jonathan Ernst, David Schweikert, Pat Cleary Organizations: Reuters, Republicans, ERC, IRS, National Association of Professional Locations: Worth
[1/3] Spain's King Felipe shakes hands with Spain's acting Prime Minister Pedro Sanchez before their meeting at Zarzuela Palace in Madrid, Spain, October 3, 2023. Juanjo Guillen/Pool via REUTERS Acquire Licensing RightsMADRID, Oct 3 (Reuters) - Spain's acting Prime Minister predicted "complex talks" with other political parties to form a government on Tuesday, after he was nominated to seek their backing for a new mandate. Sanchez was invited by Spain's King Felipe VI to try to form a governing majority after Feijoo last week failed in his bid to become prime minister. Asked about a referendum, Sanchez said Catalans were looking to "turn the page" and to find a "reunion" with Spanish society. House Speaker Francina Armengol said earlier that Sanchez had yet to share his proposed schedule for the investiture vote.
Persons: King Felipe, Spain's, Pedro Sanchez, Juanjo Guillen, Sanchez, Alberto Nunez Feijoo, Spain's King Felipe VI, Feijoo, Junts, Pablo Simon, Carlos, Carles Puigdemont, Mr Sanchez, Mr Puigdemont, Yolanda Diaz, Francina Armengol, David Latona, Belen Carreno Emma Pinedo, Inti, Charlie Devereux, Andrei Khalip, Nick Macfie, Alexander Smith Organizations: REUTERS Acquire, Rights, Socialists, ERC, Catalans, Carlos III, Labour, Thomson Locations: Madrid, Spain, Rights MADRID, Basque, Catalan
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
Kevin Lamarque | ReutersAs the IRS pauses on processing new claims for a pandemic-era small business tax break, some filers are in limbo as the agency works on further guidance. The IRS on Thursday temporarily halted processing for amended payroll tax returns claiming the so-called employee retention tax credit, or ERC, which was enacted during the Covid-19 pandemic. More from Personal Finance:IRS halts processing of a small business tax breakDoes your business qualify for the employee retention credit? If you claimed the credit and are worried about eligibility, it's an excellent time to review your filing with a qualified tax professional, she said. My blanket advice is always to talk to a qualified tax professional who has filed [ERC claims] before.
Persons: Daniel Werfel, Kevin Lamarque, Danny Werfel, Jennifer Rohen, Craig Hausz, Hausz, There's Organizations: Reuters, IRS, ERC, Finance, CMH, CMH Advisors Locations: Worth, Dallas
The Internal Revenue Service is pausing accepting claims for a pandemic-era tax credit until 2024 due to rising concerns that an influx of applications are fraudulent. The tax credit, called the Employee Retention Credit, was designed help small businesses keep paying their employees during the height of the pandemic if they were fully or partly suspended from operating. The credit ended on Oct. 1, 2021, but businesses could still apply retroactively by filing an amended payroll tax return. A growing number of questionable claims are coming from small businesses who may or may not be aware that they aren't eligible. The government's programs to help small businesses during the pandemic have long been a target for fraudsters.
Persons: isn't, Danny Werfel, , It's, they're Organizations: Internal Revenue, ERC, IRS
IRS Commissioner Danny Werfel on Thursday ordered the agency to immediately stop processing new claims for a pandemic-era small business tax break to protect filers from a "surge of questionable claims." The employee retention credit, or ERC, was created to support small businesses during the Covid-19 pandemic. "This great program to help small businesses has been overtaken by aggressive promoters," Werfel told reporters on a press call. More from Personal Finance:IRS weighs guidance for employee retention tax creditHow to know if your business qualifies for employee retention creditHouse lawmakers scrutinize pandemic-era small business tax breakThe processing pause on new ERC claims will be in effect through at least the end of 2023. Normal processing times for existing claims could stretch from the standard goal of 90 days to 180 days or longer.
Persons: Danny Werfel, Werfel Organizations: ERC, Finance
People hold up Esteladas, or Catalan separatist flags, during a demonstration to mark Catalonia's national day 'La Diada' in Barcelona, Spain, September 11, 2022. REUTERS/Nacho Doce/File Photo Acquire Licensing RightsBARCELONA, Sept 11 (Reuters) - Thousands of people were expected to celebrate Catalonia's National Day on Monday as the Spanish region's separatist parties appear set to play a kingmaker role in forming a national government. In recent years, attendance at La Diada, as the National Day is known, has fallen as support for breaking away from Spain has decreased. But with two Catalan parties poised to play a role in forming a new government, it may boost the independence cause. In October 2017, when Puigdemont's separatist regional government held a referendum declared illegal by the Spanish courts, a CEO poll found 49% supported splitting from Spain while 43% were against.
Persons: Nacho, Pere Aragones, Carles Puigdemont, Pedro Sanchez, Sanchez, Isabel Rodriguez, Alberto Nunez Feijoo, Graham Keeley, Peter Graff Organizations: REUTERS, Rights, La, Catalana, ERC, Socialist, People's Party, Catalan Centre, Public, Thomson Locations: Barcelona, Spain, Rights BARCELONA, Spanish, Catalonia, Catalan, Belgium, Catalunya
A tally by state broadcaster ZBC showed ZANU-PF winning 101 parliamentary constituencies and the main opposition party Citizens Coalition for Change (CCC) winning 59, out of a total of 210. The result of the presidential vote has not been announced yet. The ERC later posted on X, formerly known as Twitter, that 16 of its staff together with Zimbabwe Election Support Network members had been released on $200 bail each by a magistrate. Mnangagwa last week told state media that if he got a second term, it would be his last. As in previous elections, the parliamentary results appeared to show ZANU-PF retaining its rural base, while the CCC captured the urban vote.
Persons: Emmerson Mnangagwa's, Nelson Chamisa, Fabio Massimo Castaldo, Castaldo, Nevers Mumba, Patrick Chinamasa, Mnangagwa, Eldred Masunungure, Robert Mugabe, Nelson Banya, Bhargav Acharya, Nellie Peyton, Alexander Winning, Devika Syamnath, Andrew Heavens Organizations: Emmerson Mnangagwa's ZANU, ZBC, ZANU, Coalition, World Bank, International Monetary Fund, REUTERS, Philimon, Rights Police, Zimbabwe Election, Election, Centre, ERC, Zimbabwe Election Support, Southern African Development Community, National Assembly, University of Zimbabwe, PF, CCC, Thomson Locations: EU, HARARE, Harare, Zimbabwe, Philimon Bulawayo, SADC
Total: 25