IRS Reaffirms Penalty Relief

Earlier this week, the Internal Revenue Service (IRS) acknowledged and reaffirmed that taxpayers in certain situations are entitled to penalty relief when they can show reasonable cause and not willful neglect for the failure to pay. The issue, which largely stemmed from the Employee Retention Tax Credit (ERTC) and the ongoing backlog of tax returns,…

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Bipartisan Restoration of ERTC Filed

Many business interests from around the country are applauding bipartisan legislation filed in Congress this week that would restore the Employee Retention Tax Credit (ERTC) retroactive to September 30, 2021. You will recall the ERTC was passed as part of the CARES Act back in 2020 to help businesses retain workers during the shutdowns of…

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IRS Issues Guidance on Early ERTC Termination

The Internal Revenue Service (IRS) has issued guidance for employers regarding the retroactive termination of the Employee Retention Tax Credit (ERTC). As you know, when it was first introduced as a part of the CARES Act back in 2020, the ERTC applied only to 2020 as it was scheduled to sunset on December 31, 2020.…

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ERTC: Back in Play?

Notwithstanding the deep political divisions that continue to fester in the Nation’s Capital, there seems to be bipartisan agreement about correcting one major problem for small business by reinstating the business-friendly Employee Retention Tax Credit (ERTC). Republicans Carol Miller (R-WV) and Kevin Hern (R-OK) joined Democrats Stephanie Murphy (D-FL) and Terri Sewell (D-AL) in filing…

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Biden To Sign Away ERTC Monday

When President Biden signs the $1 trillion bipartisan infrastructure bill on Monday, the media will focus on the billions for earmarked for highway, rail, port, broadband and other infrastructure upgrades, but there will likely not be many mentions of the Employee Retention Tax Credit (ERTC). Despite the popularity of the ERTC, Congress ended the bill…

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Senate Plan Ends Employee Retention Credit Early

One of the perhaps more impactful provisions in the bipartisan infrastructure bill that was released by Senators this past Sunday would end the employee retention tax credit (ERTC) as of September 30. The ERTC is a refundable tax credit equal to 50% of payroll-related costs up to a maximum credit of $5,000 per employee for…

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COVID Stimulus Replenishes PPP

Although there will be further guidance coming on the particulars of the latest COVID Stimulus bill from a regulatory standpoint, the legislation became law when the President signed the bill last week. Of primary import to small business owners, the law restores the tax deductibility of business expenses that were paid for with PPP loan…

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