26.4 C
New York

Tag: IRS

IRS cracks down on small business tax break that could lead to audit

A cottage industry of specialist firms has sprung up to help business owners claim the Employee Retention Credit (ERC), a governmental tax incentive intended for companies stressed by the pandemic. But businesses need to be careful not to get hoodwinked. There are strict eligibility...

IRS weighs guidance for employee retention tax credit

Erin M. Collins, National Taxpayer Advocate.Source: IRSAfter 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 was created to support small businesses during the Covid-19 pandemic....

New 2024 IRS Retirement Plan Contribution Limits [Including 401(k) & IRA]

By Dr. Jim Dahle, WCI Founder Contribution limits for 401(k)s, 403(b)s, 457(b)s, IRAs, Roth IRAs, HSAs, FSAs, SIMPLE IRAs, and SEP-IRAs are all indexed to inflation. While the retirement contribution limits do not go up every year and while every account does not use...

IRS halts processing of a small business tax break amid 'surge of questionable claims'

The IRS will immediately stop processing new claims for the employee retention credit to protect filers from a "surge of questionable claims." (Source)