What’s Next for ERC Refund Claims Pending with the IRS?
The latest IRS data shows that it had 1,057,000 unprocessed Forms 941-X as of December 9, 2023. Most of those forms are likely Employee Retention Credit (ERC) refund claims.
An Underutilized Resource for Boiler Manufacturers: The R&D Tax Credit
Taxes represent a large sunk cost for boiler manufacturers, but the R&D tax credit offers savings. Boilers are indispensable to much of the American economy, ranging in application from electricity generation to food processing…
Ronald McDonald House Charities of Northeast Kansas Hosted Dinner & Trivia Night for its Residents
Ronald McDonald House Charities of Northeast Kansas recently hosted a dinner and trivia night for families staying at the Ronald McDonald House in Topeka, Kansas.
Decoding the Farm Bill & Unlocking R&D Potential
What can you expect to learn from this episode? Farm Bill Dynamics: Insights into political debates and budget priorities affecting agriculture.
IRS Watch Employee Retention Credit Voluntary Disclosure Program Announced While Taxpayer Advocate Raises Processing Concerns
The Internal Revenue Service (“IRS”) announced on December 21, 2023 its Voluntary Disclosure Program (“VDP”) for the Employee Retention Credit (“ERC”)
IRS Forms Alternative Dispute Resolution Office
The IRS has formed a unit that aims to make it easier to quickly resolve tax disputes without litigation, an effort that will include more outreach on avenues available to taxpayers.
R&D Incentive Changes Are Hurting Manufacturers
Congress is taking its time on reversing delayed tax deductions for innovation.
How CPAs Can Compete in the AI Race
The race to integrate Artificial Intelligence into the workflow of Certified Public Accountants is no longer a futuristic concept, but a current reality.
Voices: Clients who claim a questionable ERC could mean trouble
The Internal Revenue Service announced in March that its compliance efforts related to the Employee Retention Credit had exceeded $1 billion, with the agency specifying that “more than 12,000 entities filed over 22,000 claims that were improper and resulted in $572 million in assessments.”
The IRS’s new tax software: Rave reviews, but low turnout
Tax season is always stressful for small businesses, but it’s not too soon to prepare. Follow these steps to make next tax season a breeze.