In late December, the Internal Revenue Service launched a new Voluntary Disclosure Program to help businesses who want to pay back the money they received after filing Employee Retention Credit (ERC) claims in error.
Individuals who have set up 529 plans need to be aware of recent changes to the plans.
IRS increases 2024 contribution limits for 401(k) and IRAs
Taxes - Planning, Rules and Returns , Taxes - Individual , Retirement Planning & IRAs , IRS , 401kOn Wednesday, the Internal Revenue Service announced it will increase the amount individuals can contribute to their 401(k) plans in 2024.
DOJ to pursue fraud from aggressive marketing while IRS will add safeguards to prevent future abuse and protect businesses from predatory tactics
On Sept. 14, the Internal Revenue Service announced an immediate moratorium through at least the end of the year on processing new Employee Retention Credit claims, following reports of a flood of improper claims for the pandemic-era relief program.
Ohio’s annual sales tax holiday is right around the corner.
Hurricane Ian Casualty Loss
Taxes - Corporate & Business , Taxes - Planning, Rules and Returns , Taxes - IndividualMany of our clients who live in the Southwest Florida region, as well as North and South Carolina, were affected by Hurricane Ian.
On Oct. 5, 2022, the IRS published IR-2022-173, which allows hurricane victims in those states an extension of time to file their 2021 income tax returns until Feb. 15, 2023. This meant that if a valid extension was granted for your individual tax return through until Oct. 17, 2022, you had until Feb. 15. The affected states have followed the same stance as well.
The Internal Revenue Service announced in late April Health Savings Accounts (HSA) limit for 2023.
Things To Consider About The Employee Retention Credit
Zinner & Co. , COVID-19 , The CARES Act , ERC , Employee Retention CreditThe Employee Retention Credit (ERC) was established under the CARES Act in March 2020 to provide a refundable employment tax credit to help businesses with the cost of payroll and to help keep people employed during the COVID-19 pandemic. If your business qualifies, the ERC can potentially be a very large influx of cash to help you continue to run a successful business.
IRS announces penalty relief for certain 2019 and 2020 returns
tax services , Taxes - Corporate & Business , Taxes - Planning, Rules and Returns , Taxes - Individual , IRS , tax avoidance$1.2 billion in penalties will be refunded to 1.6 million taxpayers
In late August, the Internal Revenue Service announced on its website that it had issued Notice 2022-36, which will provide penalty relief to most taxpayers who filed certain 2019 or 2020 tax returns late.
Zinner & Co. Managing Partner Robin Baum, CPA, will present at the 49th Annual Charitable Tax Seminar, organized by the Jewish Federation of Cleveland's Professional Advisory Council.
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