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IRS Warns Employers About Promoters of False Employee Retention Credit Claims

Employers should be wary of third parties advising them to claim the Employee Retention Credit (ERC) when they may not qualify, according to the IRS. (IR 2022-183, 10/19/2022) As described by the agency, the ERC is a refundable tax credit designed for businesses that continued paying employees while the businesses were shut down due to…

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Social Security Administration Announces 2023 Wage Base and Cost of Living Adjustment

Recently, the Social Security Administration (SSA) published their annual release detailing changes to the Social Security wage base and the cost-of-living adjustment (COLA) for Social Security and Supplemental Security Income (SSI) benefits. Click here to read the SSA release in full. In a helpful article published by the Journal of Accountancy, Martha Waggoner details the…

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IRS May Extend The Transition Period For Compliance Regarding Research Credit Refund Claims

This article explains that in 2021 the IRS announced that “refund claims for section 41 research credits must include detailed information in five specific areas, with claims failing to meet these requirements deemed invalid. The IRS provided a one-year transition period during which examiners could correspond with taxpayers on the required information and give them…

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