On Sept. 14, 2023, the IRS announced an immediate moratorium on the processing of amended returns claiming Employee Retention Credits (ERC). The moratorium, which is set to run through the
Continue Reading IRS Halts Processing of Employee Retention Credit Claims, Announces Initiatives for ERC Claims Filed by Ineligible Businesses
The IRS Office of Chief Counsel has published a general legal memo clarifying prior guidance to confirm that general supply chain disruptions alone do not justify a claim for the
Continue Reading IRS Says General Supply Chain Disruptions Do Not Justify Employee Retention Credit
On Oct. 19, 2022, the IRS issued a warning to employers about what it calls “third parties” who promote claiming large employment tax refunds from improperly claiming the Employee Retention
Continue Reading IRS Warns Employers About ‘Third Parties’ Falsely Claiming Tax Refunds from ERC
On Aug. 24, 2022, the IRS issued Notice 2022-36, which provides penalty relief to taxpayers for certain late-filed 2019 and 2020 tax returns and information returns, but this relief
Continue Reading The IRS Grants Penalty Relief for 2019 and 2020, But…
Restaurants may be eligible to file refund claims for the employee retention credit because of late-published IRS guidance on PPP loan forgiveness, part-time workers, and tip income.
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Continue Reading Restaurant Businesses Entitled to Favorable Employee Retention Credit Treatment
On Monday, Jan. 31 at 6:30 p.m. EST, join GT Shareholder Glenn Newman as he presents on “State Income Tax Issues and Implications of Remote Working” at the virtual New
Continue Reading Glenn Newman to Present on ‘State Income Tax Issues and Implications of Remote Working’
Companies that took advantage of the payroll tax deferral under the Coronavirus Aid, Relief, and Economic Security (CARES) Act should be aware of an IRS position regarding repayment of the
Continue Reading Late Payment of Deferred Payroll Taxes Under CARES Act Could Result in Harsh Consequences
The 70% employee retention credit for wages paid that Congress first enacted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act will come to a premature end. Under the
Continue Reading Employee Retention Credit Terminated Early Retroactive to Oct. 1 by Infrastructure Act – No Penalty Relief or Time to Pay Back Advance Credit
Many small to mid-sized businesses are eligible under the existing employee retention credit (ERC) for a 70% tax credit for wages paid to employees through the end of 2021. However,
Continue Reading Possible Early End to Employee Retention Tax Credit Could Mean Trouble for Businesses Monetizing Credit Before End of 4th Quarter
Retail real estate has been one of the hardest hit markets by the COVID-19 pandemic. State shutdown orders and health guidelines, a shift in retailers’ needs, and tenant bankruptcies have
Continue Reading Pandemic-Driven Devalued Retail Real Estate Owners Should Seek Property Tax Reductions