Accounting Industry Insights

Issue Number: IR-2023-169: To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims; concerns from tax pros, aggressive marketing to ineligible applicants highlights unacceptable risk to businesses and the tax system

Sep 15, 2023 | IRS Tax Tips

Moratorium on processing of new claims through year’s end will allow IRS to add more safeguards to prevent future abuse, protect businesses from predatory tactics; IRS working with Justice Department to pursue fraud fueled by aggressive marketing WASHINGTON – Amid...

Issue Number: IR-2023-170: Red flags for Employee Retention Credit claims; IRS reminds businesses to watch out for warning signs of aggressive promotion that can mislead people into making improper ERC claims

Sep 14, 2023 | IRS Tax Tips

WASHINGTON – The Internal Revenue Service continues to warn businesses to watch out for aggressive marketing by nefarious actors involving the Employee Retention Credit (ERC) and urged people to watch out for red flags that can signal trouble. The credit, also called...

Issue Number: Tax Tip 2023-105: Lots of military spouses are also entrepreneurs – here’s some tax info they can use

Aug 30, 2023 | IRS Tax Tips

Many military spouses run businesses or do gig work, and whether it’s a side hustle or a major operation, the IRS has tax resources, tools and information to help them keep things running smoothly. Tax resources on IRS.gov Small Business and Self-Employed Tax Center -...

Issue Number: Tax Tip 2023-99: Knowing how scammers pose as the IRS can help taxpayers protect themselves

Aug 8, 2023 | IRS Tax Tips

Crooks are always looking for new ways to scam unsuspecting taxpayers. Scammers impersonate the IRS by phone or email, in person, or by mail or delivery service – and cost people their time and money. By staying vigilant against schemes and scams, taxpayers can...

Issue Number: Tax Tip 2023-93: Learn the warning signs of Employee Retention Credit scams

Jul 25, 2023 | IRS Tax Tips

Businesses and tax-exempt organizations should watch out for telltale signs of misleading claims involving the Employee Retention Credit. Scammers and unscrupulous promoters continue to run aggressive broadcast advertising, direct mail solicitations and online...

Issue Number: Tax Tip 2023-82: What employees need to know about income tax withholding

Jun 15, 2023 | IRS Tax Tips

Whether someone is entering the workforce for the first time or changing jobs, filling out new hire paperwork can feel overwhelming. One of the forms employees must complete is a W-4, Employee's Withholding Certificate. This form tells employers how much money to...