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On Jan. 16, 2024, the Senate Finance Committee and House Ways and Means Committee chairs announced their bipartisan agreement to a tax package that would include several new tax provisions (including an expansion of the childcare tax credit, an extension of 100% bonus depreciation, and several others). However, to offset the costs of these provisions and to address fraud, the bill would also shorten the deadline to claim the pandemic-era Employee Retention Credit (ERC) and impose penalties on ERC accountants and promoters of erroneous claims.

Continue reading the full GT Alert.