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☆ 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

☆ Here's what tax pros recommend after the IRS halts processing for small business tax credit
▼ + stars: | 2023-09-18 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

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

☆ IRS halts processing of a small business tax break amid 'surge of questionable claims'
▼ + stars: | 2023-09-14 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

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

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

☆ Thousands celebrate Catalonia Day as regional parties become Spain's kingmakers
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

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

☆ Spanish king nominates conservative Feijoo for premiership bid
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

MADRID, Aug 22 (Reuters) - Spain's King Felipe on Tuesday nominated the leader of the conservative People's Party (PP), Alberto Nunez Feijoo, to face a parliamentary vote for prime minister, according to lower house speaker Francina Armengol. No single party or bloc earned an outright majority of seats in the snap general election. Earlier on Tuesday, acting Prime Minister Pedro Sanchez said that he believed his Socialist party would be able "to gather the parliamentary support needed" to form a government. Her appointment was seen as a nod to smaller regional parties, whose support Sanchez would need in a potential bid should Feijoo fail. If no candidate secures a majority within two months of the first vote, new elections have to be called.

Persons: King Felipe, Alberto Nunez Feijoo, Francina, Feijoo, Feijoo's PP, Pedro Sanchez, Armengol, Esquerra Republicana, Sanchez, Pietro Lombardi, David Latona, Andrei Khalip, Mark Porter, Mark Heinrich Our Organizations: People's Party, Socialist, Sanchez's Socialists, ERC, Thomson Locations: MADRID, Balearic, Catalonia

The ERC, part of the CARES Act, gives employers affected by COVID-19 a tax credit if they qualify. Depending on when your small business filed and paid taxes, it may still be eligible to receive the credit. In response to the financial hardships of the pandemic, the IRS enacted the Employee Retention Credit. What is the Employee Retention Credit (ERC Credit)? Your business may be eligible for a substantial refund through the Employee Retention Credit, with no upfront cost to you.

Persons: There's, It's, you've Organizations: ERC, IRS, ERC —

☆ Spanish Socialists' candidate elected speaker with support of Catalan groups
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +4 min

Francina Armengol was appointed speaker after winning 178 votes in the 350-seat parliament. The candidate of the conservative People's Party (PP) won just 137 votes, while far-right Vox, which is in coalition with the PP in several Spanish regions, voted for its own candidate, Ignacio Gil instead of the PP's. Her candidacy for the speakership was seen as a nod to Catalan, Basque and Galician parties. CONCESSIONS TO SEPARATISTSERC leader Gabriel Rufian told a news conference that while the party had supported the Socialists' candidate for congressional speaker, that did not imply support for the formation of a Sanchez government. More hardline separatist party Junts also struck a deal in principle to back Armengol, according to state broadcaster TVE.

Persons: Pedro Sanchez's, Francina Armengol, Ignacio Gil, Alberto Nunez Feijoo, Sumar, Esquerra Republicana, Armengol, Gabriel Rufian, Junts, Sanchez, Carles Puigdemont, Inti Landauro, Charlie Devereux, Andrei Khalip, Angus MacSwan, Aislinn Laing, Hugh Lawson Organizations: Spanish Socialist Workers ' Party, PSOE, Spain's Socialists, People's Party, Socialists, Vox, Catalonian, ERC, TVE, Thomson Locations: Madrid, MADRID, Catalan, Spain, Catalonia, Balearic, Basque, Galician, Belgium

It's not too late to apply for the pandemic-era Employee Retention Credit for your small business. The Employee Retention Credit may be one of those tax-break opportunities for qualifying businesses that continued to pay employees while shut down due to COVID-19 or saw declines in revenue. To shed some light on this, accountant Liz Soria has some insights concerning which businesses should apply for the ERC — and just as importantly, which businesses shouldn't. Navigating the ERC tax creditOf course, the most authoritative source for information about the ERC is the IRS. Your business may be eligible for a substantial refund through the Employee Retention Credit, with no upfront cost to you.

Persons: It's, Liz Soria, Soria, it's, There's, That's, David Moadel, David Organizations: ERC, ERC —, U.S . News, Markets Locations: Soria, U.S

If you had to shut your business down due to a government order during the pandemic, your company could get a tax credit. Even if your company already filed taxes for 2020 and 2021, it might not be too late to claim the credit. In many instances, a forced business closure could bring some relief in the form of ERC tax credits, so you might want to consider it if it sounds like your business might qualify. That could be useful as a general guideline if your business is considering applying for the ERC. The question, then, is what qualifies as a "recovery startup business."

Persons: It's, it's Organizations: ERC, ERC wouldn't, IRS Locations: here's

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Persons: I've, I'm, Vizio, Steven Cohen Organizations: Service, Netflix, Bluetooth, Google Locations: Wall, Silicon, soundbar, DTS:X

☆ Catalan kingmaker tells Spain's Sanchez not to take support for granted
▼ + stars: | 2023-08-02 | by ( Joan Faus | ) www.reuters.com time to read: +3 min

REUTERS/Sarah Meyssonnier/File PhotoBARCELONA, Aug 2 (Reuters) - Spain's Socialists (PSOE), seeking to form a government after a hard-fought national election, should not take the support of Catalonia's separatist parties for granted, one of their leaders said on Wednesday. "It is Pedro Sanchez who has to make the moves to get support," Aragones said. To renew its support, ERC wants further talks, to cut the region's contributions to the national public finances, and to take control of local train services. Junts is demanding a referendum on independence and an amnesty for all separatists facing legal charges related to the failed 2017 independence bid. Aragones said the two parties' leverage could help obtain a referendum and amnesty, but also concessions in financial or cultural issues.

Persons: Pere Aragones i Garcia, Sarah Meyssonnier, Pere Aragones, Pedro Sanchez's, Sanchez, Pedro Sanchez, Aragones, Junts, Joan Faus, Charlie Devereux, John Stonestreet Organizations: of, Entrepreneurs de France, Paris, Paris Longchamp Racecourse, REUTERS, Spain's Socialists, PSOE, ERC, Socialist, People's Party, Thomson Locations: of Catalonia, Paris Longchamp, Paris, France, Spain, Catalan

☆ Cryptocurrencies fall to begin August, bitcoin dips under $29,000
▼ + stars: | 2023-08-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Ether , which has joined bitcoin in recent months as a sort of large cap, blue-chip trade in crypto, was down by 1.4%, after finishing July down by 3.35%. It was under extra pressure due to a recent exploit in DeFi giant Curve, however. Whenever investors hear the word hack ... it puts the whole crypto market on the backfoot and that's what's happening here," Gilbert said. Bitcoin volumes have also dropped significantly from their recent highs and have failed to reclaim them despite the price of bitcoin showing so much resilience this year. "When bitcoin heads south so do most altcoins ... and they're selling off a little bit further given what we're seeing with Curve."

Persons: bitcoin, Josh Gilbert, Altcoins, Ripple's, XRP, Aave, We've, Gilbert Organizations: Metrics, SEC, Binance, Solana, Polygon's, Finance, ERC, Blackrock ETF Locations: DeFi, Blackrock

☆ House lawmakers scrutinize pandemic-era small business tax break expert calls 'fraught with fraud'
▼ + stars: | 2023-07-30 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Scrutiny of a pandemic-era tax credit intensified this week as lawmakers, the IRS and tax professionals sought solutions for the wave of small businesses that wrongly claimed the tax break. The employee retention credit, or ERC, was enacted in 2020 to support small businesses affected by shutdowns during the Covid-19 pandemic and is worth thousands of dollars per employee. More from Personal Finance:IRS halts most unannounced visits to taxpayersIRS weighs guidance for employee retention tax creditHow to know if your business qualifies for the employee retention tax credit"Any time this amount of money is being handed out through the tax system, the bad actors show up, and they have shown up in large numbers," he said. As of July 26, the IRS said, it had roughly 506,000 unprocessed Form 941-X amended payroll tax returns. As the IRS works through its backlog of unprocessed amended returns, it's unclear how many small businesses may have wrongly claimed the credit.

Persons: There's, Roger Harris, Padgett, Harris Organizations: ERC, shutdowns, Padgett Advisors, Finance, IRS

☆ Spanish Socialists lose seat, after expat vote count, making it harder to form government
▼ + stars: | 2023-07-29 | by ( Graham Keeley | ) www.reuters.com time to read: +4 min

Counting of votes from over 233,000 Spaniards living abroad handed one seat in Madrid to the PP that had been awarded to the Socialists in the initial vote count, the PP and Socialists said on Saturday. To form a government, an absolute majority is needed in a parliamentary vote in the 350-seat Congress. This meant Sanchez only had to persuade Junts to abstain, to be voted back into power with a simple majority. Alberto Nunez Feijoo, the PP leader, is still determined to try to form a right-wing coalition. Sumar leader Yolanda Díaz called on all "progressive forces" to support Sanchez.

Persons: Pedro Sanchez, Juan Medina, Sunday's, Esquerra, Junts, Sanchez, EH, Vox, Pablo Simon, Alberto Nunez Feijoo, Feijoo, Pedro Rollan, Sumar, Yolanda Díaz, Graham Keeley, Alvise Armellini, Frances Kerry Organizations: Socialist, REUTERS, Spain's Socialists, Reuters, ERC, Socialists, Vox, Union of, Canarian Coalition, Basque Nationalist Party, Galician Nationalist Bloc, UPN, Canaries, PP, Carlos III University, Italian, Repubblica, Thomson Locations: Madrid, Spain, BARCELONA, Catalan, Basque, Junts, Catalonia, Spanish, Rome

[1/2] "Junts x Catalunya" members raise up an "Estelada" flag (Catalan separatist flag) as they celebrate the results of the European Parliament elections in Barcelona, Spain, May 27, 2019. REUTERS/Albert Gea/File PhotoBARCELONA/MADRID, July 26 (Reuters) - Spain may be heading for a repeat of Sunday's inconclusive election unless Catalan separatist parties compromise on their demands for an independence referendum in exchange for their support. After neither the right nor left bloc won enough seats to form a majority, Catalan separatist parties Esquerra Republicana de Catalunya (ERC) and Junts have emerged as kingmakers. However, Sanchez, who rejects Catalan independence, has long said he opposes a referendum or an amnesty. INDEPENDENCE SUPPORT DECLININGEven if Sanchez were willing to concede, a referendum could prove difficult to implement.

Persons: Albert Gea, Esquerra, Pedro Sanchez, Sanchez, Junts, Carles Puigdemont, Ramon Tremosa, mignon, Tremosa, Josep Rius, Alberto Nunez Feijoo, Feijoo, Mariano Rajoy, Joan Esculies, Isabel Rodriguez, Yolanda Diaz, Diaz, Jaume Asens, Puigdemont, Wayne Griffiths, Rius, Pedro Sanchez's, Joan Faus, Belen Carreno, Charlie Devereux, Aislinn Laing, Rosalba O'Brien Organizations: REUTERS, ERC, Junts, Sanchez's Socialists, Socialists, European Union, People's Party, Socialist, Monday, Volkswagen's, SEAT, Catalans, Vox, Thomson Locations: Catalunya, Barcelona, Spain, BARCELONA, MADRID, Catalan, Catalonia, Belgium, Socialist, Madrid, Volkswagen's Barcelona, Spanish

[1/4]Spain's opposition People's Party leader Alberto Nunez Feijoo and People's Party spokeswoman Maria Concepcion Gamarra attend a meeting at the People's Party (PP) headquarters in Madrid, Spain, July 24, 2023. Puigdemont, who still wields considerable influence within Junts, said in mid-July the party would not support Sanchez. "We are sure about that, and that there will be no repetition (of the election)," the source said. Sumar lawmaker Jaume Asens has already begun talks with Junts on the platform's behalf, a source in the party said. Another PSOE source said the party would leave the PP to make the first attempt to form a government.

Persons: Sanchez, Alberto Nunez Feijoo, Vox, Feijoo, Sumar, Pedro Sanchez, Esquerra, Carles Puigdemont, Maria Concepcion Gamarra, Juan Medina, Jordi Turull, Turull, Puigdemont, Jaume Asens, Junts, Franco, Spain's, Eurointelligence, Joan Faus, Belen Carreno, Emma Pinedo, Inti Landauro, Charlie Devereux, Angus MacSwan, Aislinn Laing, Christina Fincher Organizations: Conservative, Exiled, People's Party, Socialist, PSOE, Socialists, ERC, Vox, People's, of Navarre, UPN, Canary Coalition, REUTERS, Basque Nationalist Party, Sumar, Puigdemont, Thomson Locations: Spain, Exiled Catalan, BARCELONA, MADRID, Basque, Catalan, Canary, Belgium, Catalonia, Madrid, Bildu, Junts, PSOE, Barcelona

The ruling Socialists (PSOE) and far-left Sumar won 153 but have more possibilities for negotiating support from small Basque and Catalan separatist parties, as they did following 2019's election. Sanchez could win over left-wing separatist party Esquerra Republicana de Catalunya (ERC). Junts Secretary General Jordi Turull said on Monday he would use the "window of opportunity" created by the election impasse to achieve Catalan independence. Turull was among the nine Catalan jailed separatist leaders pardoned by Sanchez in 2021 for their role in the 2017 independence bid. Puigdemont, who still wields considerable influence within Junts, said in mid-July the party would not support Sanchez because he was unreliable.

Persons: Sanchez, Carles Puigdemont, Pedro Sanchez, Vox, Sumar, Esquerra, Jordi Turull, Turull, Puigdemont, Joan Esculies, Esculies, Antoni Comin, Clara Ponsati, Yves Herman, Franco, Spain's, Alberto Nunez Feijoo, PNV, Arnaldo Otegi, Otegi, Joan Faus, Belen Carreno, Emma Pinedo, Inti Landauro, Charlie Devereux, Angus MacSwan, Aislinn Laing Organizations: Exiled, Catalan, Socialist, People's Party, Socialists, PSOE, ERC, Junts, RAC, REUTERS, Reuters, Basque, Vox, Thomson Locations: Spain, Exiled Catalan, BARCELONA, MADRID, Belgium, Catalonia, Puigdemont's, Basque, Catalan, Junts, Madrid, Brussels, Canary Islands, Galicia, Navarra, Barcelona

The results from Sunday's vote left neither the left nor right bloc with an easy path to form a government. Prime Minister Pedro Sanchez' Socialists have more options but face potentially unpalatable demands from Catalan separatist parties. Those could include insistence on an independence referendum, triggering the kind of political chaos seen in 2017 when Catalonia last tried to break from Spain. Sanchez could win over left-wing separatist party Esquerra Republicana de Catalunya (ERC), as he did to form a minority government in 2019. The Socialists, which oppose independence and any vote on the issue, may have a hard time accepting such a demand.

Persons: Pedro Sanchez, Begona Gomez, applauds, gridlock, Ignacio Jurado, Vox, Sumar, Sanchez, Esquerra, Junts, Miriam Nogueras, Carles Puigdemont, Ignacio Torreblanca, Charlie Devereux, Belen Carreno, Joan Faus, Cynthia Osterman Organizations: Socialist, REUTERS, Carlos III University, People's Party, Socialists, PSOE, ERC, Congress, Spanish, European Council, Foreign Relations, Thomson Locations: Madrid, Spain, Catalan, MADRID, Catalonia, Belgium, Basque, Barcelona

With 99% of votes counted by 11:45 p.m. (2145 GMT), the opposition People's Party (PP) had 136 seats while Prime Minister Pedro Sanchez's ruling Socialists (PSOE) had 122 seats. Reuters Graphics Reuters GraphicsNegotiations by the two blocs to form governments will start after a new parliament convenes on Aug. 17. Prime Minister Pedro Sanchez called a surprise snap election after the left took a drubbing in local elections in May. In the present scenario, Sanchez' PSOE would rely heavily on Catalan separatist parties Junts and ERC or Basque separatists EH Bildu. In 2019, two more elections were held before the PSOE and far-left Podemos agreed to form Spain's first coalition government.

Persons: Pedro Sanchez's, Vox, King Felipe VI, Alberto Nunez Feijoo, Mariano Rajoy, Sanchez, Steve Smith, Pedro Sanchez, Ignacio Jurado, Carlos, Juan Medina, Madrid's Calle Genova, Galo Contreras, we're, Francisco Franco, Teruel Existe, El, Junts, Carles Puigdemont, Podemos, Jose Ignacio Torreblanca, Belen Carreno, Jesus Aguado, Emma Pinedo, Joan Faus, Corina Pons, Charlie Devereux, Nick Macfie, Frances Kerry, Cynthia Osterman Organizations: PSOE, People's Party, Socialists, Reuters Graphics Reuters, European Union Council, Voters, Feijoo's PP, Vox, Carlos III University, People's, REUTERS, Madrid's Calle, PP, Basque Nationalist Party, Teruel, Junts, ERC, Basque, European Council, Foreign Relations, Thomson Locations: MADRID, Spain, swimsuits, Madrid, Madrid's, Burgos, El Pais, Catalan

☆ Spain General Election Results
▼ + stars: | 2023-07-23 | by ( Martín González Gómez | Lauren Leatherby | ) www.nytimes.com time to read: +2 min

Spain General Election Results Leer en españolThis election will allocate all 350 seats in the Congress of Deputies, Spain’s primary legislative body. If no single party receives an outright majority in Congress ⎯ a likely scenario ⎯ the parties will negotiate until they form a governing coalition. Seats needed for a majority Major left parties Major right parties No seats allocated yetParty Votes Percent Pct. Prime Minister Pedro Sánchez of PSOE, the mainstream social-democratic party, called a snap election after a poor result among left-leaning parties during regional and local elections in May. If either of those coalitions fail to reach a majority in parliament, they will have to garner the support of smaller regional parties.

Persons: ⎯, Pedro Sánchez, Alberto Núñez Feijóo, Vox, Santiago Abascal, Yolanda Díaz Organizations: Deputies, PSOE, Vox, Senate, UPN, Sumar Locations: Spain

Small businesses may be eligible based on how COVID-19 affected their business in 2020 and 2021. Depending on when your small business filed and paid taxes, it may still be eligible to receive the credit. The ripple effects of the COVID-19 pandemic can still be felt in the economy, and many small businesses are still recovering. Your business may be eligible for a substantial refund through the Employee Retention Credit, with no upfront cost to you. You have either three years from when you filed form 941 or 944, or two years from the date you paid.

Persons: There's, It's, you've Organizations: ERC, IRS, ERC —

☆ 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

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