The ERC: Practitioners’ responsibilities to amend income tax returns
The Tax Adviser
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3d ago
Practitioners must weigh applicable professional standards and exercise due diligence in assessing whether a taxpayer claiming an employee retention credit must amend one or more income tax returns to reduce deductions of wages for which the credit was claimed ..read more
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The clean-energy direct-pay election for not-for-profits and governmental entities
The Tax Adviser
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3d ago
Under the Sec. 6417 direct-pay election, tax-exempt organizations, including not-for-profits and governmental agencies, can claim certain energy credits on their federal income tax returns, but to claim them for 2023, the direct-pay election must be made on a timely filed 2023 federal income tax return ..read more
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FinCEN guide lists rules for some financial institutions’ access to BOI
The Tax Adviser
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3d ago
The rules in the Small Entity Compliance Guide apply to access for some financial institutions and cover security and confidentiality, authorized use, administration of requests, and violations ..read more
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Study: IRS could collect billions more with full funding
The Tax Adviser
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2w ago
A study shows that the Service can collect $561 billion in tax revenue over 10 years if it receives the funding from the Inflation Reduction Act of 2022 as written ..read more
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Form 1099-K frequently asked questions revised
The Tax Adviser
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2w ago
Almost 50 new or updated frequently asked questions for the IRS’s Form 1099-K, Payment Card and Third Party Network Transactions, published Tuesday, include guidance on common situations, along with more clarity for the payment card industry about which organizations should send Forms 1099-K ..read more
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EFIN scam targets tax professionals
The Tax Adviser
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2w ago
The IRS warns that the scammers want to gain access to data and identities so they can file fraudulent tax returns ..read more
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7 warning signs that an ERC claim is questionable, from the IRS
The Tax Adviser
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2w ago
As the March 22 deadline for the ERC voluntary disclosure program approaches, the IRS alerted small businesses to seven red flags that it is focusing on when it reviews claims ..read more
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On Form 1099-K delays, Werfel says IRS must protect taxpayer rights
The Tax Adviser
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2w ago
IRS Commissioner Danny Werfel also discussed the employee retention credit and IRS funding when he appeared before the House Ways and Means Committee on Thursday ..read more
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No ‘gotcha’ enforcement of BOI regulations, FinCEN chief vows
The Tax Adviser
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2w ago
Andrea Gacki, director of the Financial Crimes Enforcement Network, reassured a House committee that the agency can act only against willful violations of the new beneficial ownership information reporting rule ..read more
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IRS to hold ERC education sessions for tax pros in February
The Tax Adviser
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3w ago
The sessions, which will be hosted by IRS Criminal investigation special agents at locations nationwide, are aimed at tax professionals who claimed ERCs for clients on previous years’ tax returns ..read more
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