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Since its inception, the Employee Retention Credit has been both a boon to employers and a cautionary risk for preparers.

The Employee Retention Credit (“ERC”), originally enacted under the 2020 Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and as subsequently amended, was designed to encourage businesses to keep employees on their payroll through a refundable tax credit based on qualified wages. Like many other credits, businesses claiming an ERC must reduce the deduction for salary and wages by the amount of the credit received.

C-suite individuals receive a plethora of important letters, many of which pertain to certain compliance requirements for their companies. Some of these letters come from states and deal with unclaimed property. Understanding and being familiar with the type of mailing received is important. If handled improperly, unclaimed property notices may result in increased risk for companies.

The IRS must determine the appropriate partial refund amount for tax return preparers who it overcharged for their preparer tax identification numbers (PTINs) from 2011 to 2017, a district court held in an opinion unsealed last week (Steele, No. 1:14-cv-1523-RCL (D.D.C. 1/23/23)).

Better phone service from the Internal Revenue Service, overly aggressive third-party-induced Employee Retention Credit claims, a talent shortage, and the sheer amount of updated tax knowledge necessary for preparers are among the big factors of this year's filing season for tax preparers.

Every filing season brings new and — all too often — bigger challenges. What's the big headache in this year's run to Tax Day?

The IRS is aware of questions involving special tax refunds or payments made by states in 2022; we are working with state tax officials as quickly as possible to provide additional information and clarity for taxpayers. There are a variety of state programs that distributed these payments in 2022 and the rules surrounding them are complex. We expect to provide additional clarity for as many states and taxpayers as possible next week.

This year's tax season, the first post-COVID, began on Jan. 23 with anticipation of a return to normal.

Lamont expected to ignite the debate next month when he presents his budget proposal.

Governor Ned Lamont today held a news conference in Hartford to announce his first legislative proposal of 2023, which includes restoring Connecticut’s pass-through entity tax credit to its original, revenue-neutral level of 93.01% and enabling small business owners in the state to save money by claiming a larger credit on their personal returns.

American Institute of CPAs president and CEO Barry Melancon spoke Wednesday about changes at the Internal Revenue Service and Congress, the prospects for the upcoming tax season, the evolving CPA licensing model, recruiting young people to the profession and more during a wide-ranging presentation to the Accountants Club of America.

The Treasury Department and the Internal Revenue Service today issued Notice 2023-07PDF, which provides interim guidance regarding the application of the new corporate alternative minimum tax (CAMT) until the issuance of proposed regulations.

The Treasury Department and Internal Revenue Service announced today that brokers are not required to report additional information with respect to dispositions of digital assets until final regulations are issued under sections 6045 and 6045A.

An income tax reduction for residents making up to between $150,000 and $200,000 a year is among the proposals Gov. Ned Lamont said Tuesday he is weighing ahead of the legislative session that begins next month.

The General Assembly’s tax-writing committee heard positive feedback Monday on the impact of a temporary child tax rebate program, which will need to either be extended or shelved in the legislative session beginning next month.

The decision by a Maryland circuit court striking down the state's digital advertising tax, while a major victory for big tech, could have implications that spread beyond the state.

In a post-pandemic world, 16% of companies have gone fully remote. Many workers have embraced and adapted to this new setup.

Legislative leaders are considering calling a special session after the November election

The Internal Revenue Service has been slow in processing employer tax credits and tax refunds that businesses were supposed to receive to cope with the pandemic, according to a new report.

The recently passed Inflation Reduction Act of 2022 did not include an extension of the expanded child tax credit provision, which was enacted under the Biden Administration’s American Rescue Plan for 2021 federal tax returns. However, all is not lost… the federal child tax credit is still available to families for tax year 2022 and thereafter, albeit, under the “old” tax law rules that existed prior to the enactment of the American Rescue Plan.