Both New York and New Jersey's requests for major disaster declarations due to Hurricane Ida were approved by the White House, unlocking federal relief and extending federal tax deadlines. The IRS officially announced the federal tax filing deadline is extended to January 3, 2022. Areas included for relief are New York's outer boroughs, Bronx, Kings,...
For years, the IRS has been gunning for a fight with S-Corporations over reasonable compensation. Their guns are now loaded, so get ready, because since 2000 when the IRS established its authority to reclassify distributions as wages and reinforced the employment status of shareholders as employees, it has had S-corps in its sights. Things got...
Looking for variety? This year’s IRS list of the worst scams out there has plenty! Some warnings are familiar, while newer scams involve “Vishing,” robo-calls, and sophisticated financial provisions. Crooks were busy during COVID trying to steal your identity and phishing for tax info! During 2020, almost 400 “vishing” or “voice phishing” scams were reported,...
Valuable tax planning opportunities exist if you anticipate potential tax changes and take advantage of what’s still available under the Tax Cuts and Jobs Act, CARES Act, and other tax provisions. The American Rescue Plan Act enacted earlier this year included changes that will affect 2021 tax returns and, if enacted, the proposed American Jobs...
Update September 18, 2021 - New Safe Harbor for Claiming the ERC: The IRS issued a safe harbor that allows an employer to exclude certain amounts received from other COVID economic relief programs in determining whether it qualifies for the employee retention credit (ERC) based on a decline in gross receipts. The amounts that can...
