New IRS Voluntary Disclosure Program lets employers who received questionable Employee Retention Credits pay them back
This week, the IRS announced a new ERC voluntary disclosure program (ERCVDP) that has many distinctive features: Our firm has filed hundreds of IRS voluntary disclosure submissions over the years, and there are numerous similarities to other voluntary disclosure programs.
Parag Patel Esq. Speaks at NJCPA Seminar on”Employee Retention Credit Audit Issues: Surviving IRS Scrutiny”
Parag Patel Esq. was a featured speaker at a New Jersey Society of Certified Public Accountants (NJCPA) Seminar entitled “Employee Retention Credit Audit Issues: Surviving IRS Scrutiny”. You may email our office to receive the seminar materials. Seminar descriptions is
The IRS’s First-Time Abatement (FTA) Penalty Waiver
There are currently more than 160 penalties contained in the US tax code. There is a penalty for nearly every possible reporting, filing, and payment requirement failure. While penalties have long been a component of Federal tax laws, the number of
Parag Patel Esq. Speaks at NJCPA Seminar on”The Corporate Transparency Act: What You Need To Know”
Parag Patel Esq. was a featured speaker at a New Jersey Society of Certified Public Accountants (NJCPA) Seminar entitled “The Corporate Transparency Act: What You Need To Know”. You may email our office to receive the seminar materials. Seminar descriptions
ERC Disallowance Letters 105C Sent to Taxpayers
The IRS has notified over 20,000 taxpayers via IRS Letter 105C (Disallowance of Claim) that their claims for the employee retention credit are being disallowed because entities either did not exist or did not have paid employees during the period
Corporate Transparency Act (CTA) Reporting Company Analysis and FAQs
The first step in Corporate Transparency Act (CTA) analysis is determining whether an entity is a Reporting Company. A “Reporting Company” means any entity (whether a corporation, limited liability company, or other entity types) that is (a) created by the
“Beneficial Owner” Analysis under the new Corporate Transparency Act
Starting January 1, 2024, the Corporate Transparency Act (CTA) will require most U.S. corporations, LLCs, and other legal entities formed through state filings or foreign entities registered to do business in the U.S. to file a Beneficial Ownership Information (BOI)
What Client Tax Advisors Should Do About the New Corporate Transparency Act
The Corporate Transparency Act (CTA), introduced as part of the 2021 National Defense Authorization Act and amending the Bank Secrecy Act, aims to enhance transparency in business ownership structures to combat financial crimes like money laundering and tax fraud. This