Second ERC Voluntary Disclosure Program for improper claims is open through Nov. 22

Second ERC Voluntary Disclosure Program for improper claims is open through Nov. 22

The IRS’s second Employee Retention Credit Voluntary Disclosure Program is open and runs through Nov. 22, 2024. This ERC VDP helps businesses repay credits they received after filing ERC claims in error. The program allows businesses to correct improper payments at a 15% discount and avoid potential compliance action in the future such as audits,…

Taxpayers urged to talk to a trusted tax professional, not rely on marketers or social media for tax advice

Taxpayers urged to talk to a trusted tax professional, not rely on marketers or social media for tax advice

WASHINGTON — The Internal Revenue Service issued a consumer alert today following bad advice circulating on social media about a non-existent “Self Employment Tax Credit” that’s misleading taxpayers into filing false claims. Promoters and social media are marketing something they describe as the “Self Employment Tax Credit” as a way for self-employed people and gig…

Extension filers: Important reminders when preparing to file

Extension filers: Important reminders when preparing to file

Individual taxpayers who requested an extension of time to file their federal taxes have until Oct. 15, 2024, to complete and file their federal tax return. Those who already have the forms and information they need should file now – there’s no advantage to waiting until the deadline. There are a few things extension filers…

Quarterly Tax Tips for Small Businesses

Quarterly Tax Tips for Small Businesses

Tip 1: Know What “Estimated Quarterly Taxes” Actually Means According to the Internal Revenue Service (IRS), estimated quarterly tax payments are regular (typically 4x/year) payments made by individuals and businesses to the IRS to prepay income, self-employment, and other taxes throughout the year. Just like the annual April filing, quarterly payments are based on your earnings….

Energy efficient home improvements could help people reduce energy bills and taxes

Energy efficient home improvements could help people reduce energy bills and taxes

Homeowners who make improvements like replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify for home energy tax credits. Who can claim the credits Taxpayers making improvements to their principal or, in some cases, secondary residence may be eligible for these credits. In some cases, renters may also…