PSA: Key Deadline Fast Approaching in Employee Retention Credit Voluntary Disclosure Program If you claimed the employee retention credit (ERC) and maybe you should not have then you may want to consider taking advantage of the IRS’ voluntary disclosure program. You have to act fast though. The deadline is March 22, 2024! I have talked in a prior blog post about this voluntary disclosure program (link here) so here is a quick recap: if you claimed the ERC and do not qualify at all then you can pay 80% of the improper credit and the remaining 20% will be forgiven, along with any interest the go ..read more

PSA: A Quick Snapshot of the IRS Employee Retention Credit Voluntary Disclosure Program Late December the IRS rolled out a new voluntary disclosure program for taxpayers who improperly claimed the employee retention credit (“ERC”). I am writing a quick post about the highlights of this program as the deadline is March 22, 2024! Blink and you will miss it. So here is what you need to know. Basic Details This voluntary disclosure program is open to taxpayers who improperly claimed the ERC. If you claimed an incorrect amount, meaning you do qualify for the ERC, then you do not qualify. To be a qu ..read more

Public Service Announcement – IRS Issues 20,000 Disallowance Letters on Employee Retention Credit Claims Hot off the press! The IRS has announced that it is going to send out 20,000 disallowance letters. The IRS is letting certain employers know that they failed to meeting the basic elibility requirements for the ERC. For those of you at home, that is not good. It likely means that the taxpayer or the return preparer did not do their homework before submitting the claim. You can read the IRS News Release here. IRS Provides Detail on Reasons for Denial According to the IRS, there are two big re ..read more

3 Warning Signs Your Employee Retention Credit (ERC) May Be Audited In my last post, I talked about the IRS’ moratorium on ERC claims and how to withdraw a claim. In this post, I am going to discuss the big three warning signs that your ERC claim may be looking down the barrel of an IRS audit. Irregularities in Your Filing You should review the paperwork submitted on your ERC claim. Here are some questions you should ask about your claim: Was the claim package just a couple of pages; did the company provide you with any details on how the claim was computed? Did the preparer sign it (a paid p ..read more

Public Service Announcement – IRS Moratorium on Employee Retention Credit Claims (“ERC”) and What it Means for You Unless you’ve been living under a rock, most people have heard about the COVID era credit for employers who kept their businesses open and employees working. A common tagline was “You could qualify for a credit of up to $26,000 per employee.” Which is true. Unfortunately, the IRS was flooded with claims, often prepared by what are called ERC Mills. I think by last count there was somewhere between 1 million to 2 million claims pending. The IRS, rightly concerned about fraud, decid ..read more

How the IRS Audits…Real Estate Agents In this video, Attorney Wade breaks down how the IRS audits real estate agents and what expenses are most often the target of IRS auditors. Contact Us I am Maine’s IRS Problem Solver. My firm helps Maine taxpayers in trouble. If you or someone you know in Southern Maine wants more information on how to resolve your unpaid taxes, please feel free to contact me directly at 207-502-7181 or by filing out my contact form. A Maine tax attorney can help you consider your options. James D. Wade, Esq. Law Office of James D. Wade 57 Portland Road, Unit 3 Kennebunk ..read more

IRS Stealth Audit – What if the IRS is Potentially Right? In this video, Attorney Wade discusses what options you have even if the IRS may be right on the CP2000 letter. Don’t just roll over and pay the bill. If you haven’t watched the two previous videos on what a CP2000 Exam is and how to respond, you can click on these two links: Watch Out for IRS Stealth Audit – Avoid the CP2000 Exam and IRS Stealth Audit – How to Respond to a CP2000 Exam Contact Us I am Maine’s IRS Problem Solver. My firm helps Maine taxpayers in trouble. If you or someone you know in Southern Maine wants more infor ..read more

IRS Audit Alert – PPP Loan Forgiveness Atty Wade provides an IRS audit alert. PPP Loan forgiveness is on the IRS auditor’s radar. Learn why this may turn out to be a big problem for you during an audit. Contact Us I am Maine’s IRS Problem Solver. My firm helps Maine taxpayers in trouble. If you or someone you know in Southern Maine wants more information on how to resolve your unpaid taxes, please feel free to contact me directly at 207-502-7181 or by filing out my contact form. A Maine tax attorney can help you consider your options. James D. Wade, Esq. Law Office of James D. Wade 57 Portlan ..read more

Get Ahead of It! Or How Not to Make Your IRS Problem Worse! Atty. Wade discusses a recurring problem in his practice. Taxpayers who delay dealing with their IRS problems and how it compounds the problem they find themselves in. He also provides a few tips on what you can do to get ahead of it, it being your IRS problem. Contact Us I am Maine’s IRS Problem Solver. My firm helps Maine taxpayers in trouble. If you or someone you know in Southern Maine wants more information on how to resolve your unpaid taxes, please feel free to contact me directly at 207-502-7181 or by filing out my contact fo ..read more

IRS Stealth Audit – How to Respond to a CP2000 Exam In this video, Attorney Wade discusses how to respond to a CP2000 Exam or IRS stealth audit as he calls it. Learn what to look for to understand the CP2000 notice and then how to properly respond. If you haven’t watched the video on what a CP2000 Exam is, you can click this link: Watch Out for IRS Stealth Audit – Avoid the CP2000 Exam Contact Us I am Maine’s IRS Problem Solver. My firm helps Maine taxpayers in trouble. If you or someone you know in Southern Maine wants more information on how to resolve your unpaid taxes, please feel fr ..read more