(authored by RSM US LLP) ERC submissions are under scrutiny by the IRS due to a surge in questionable claims. Are you confident your claim meets the eligibility requirements and...
How Self-Employed Individuals and Household Employers Repay Deferred Social Security Tax The Coronavirus Aid, Relief, and Economic Security Act allowed self-employed individuals and household employers to defer the payment of certain...
In March 2022, the IRS identified 11,096 suspicious returns claiming more than $2 trillion in Employee Retention Tax Credits. The full extent of the fraud has yet to be...
Recovery Rebate Stimulus Payments and Credits December 2020 Stimulus PaymentsThe bill provides a refundable tax credit in the amount of $600 per eligible family member. The credit is $600 per...
This may be one of the most important sections of the December 2020 Tax Act for Businesses. It may provide significant tax credits on Forms 941 and 944. Original Employee Retention...
On Dec. 22, 2020, Congress passed the latest COVID-19 Relief Bill. This is the largest bill ever passed by Congress at over 5,500 pages. It contains over $900 billion of...
IRS Guidance on Deductibility of PPP Loan Expenses The IRS recently issued Revenue Ruling 2020-27 that states that expenses paid using PPP funds are not deductible in 2020 if there is...
To provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the CARES Act eases the rules for claiming certain tax losses. This article...