Employee Retention Credit (ERC)
IRS Launches ERC Voluntary Disclosure Program
Last year, the IRS managed fallout resulting from deceptive third-party promoters, known as ERC mills, who used aggressive tactics, such as unsolicited cold calls and emails, to mislead well-intentioned businesses into filing Employee Retention Credit (ERC) claims. To assist businesses who were pressured into submitting inappropriate claims, the IRS announced several special initiatives. These initiatives […]
New Tax Relief Bill Could Affect 2023 Filing Season
A bipartisan deal known as the Tax Relief for American Families and Workers Act of 2024 could offer a last-minute extension for previously expired tax credits and breaks. If passed, provisions could affect the current 2023 filing season. Update 2.1.24: Last night, the U.S. House of Representatives passed a bipartisan $70 billion tax relief package. […]
New Bill Could Amend ERTC Due Date
AAFCPAs would like to make clients aware of a new bill that has reached congress titled The Tax Relief for American Families and Workers Act of 2024, a vote for which is anticipated by January 31, 2024. If passed, this bill could amend the due date of Employee Retention Tax Credit (ERTC) filings to January […]
IRS Launches New ERC Withdrawal Process to Combat Fraud
AAFCPAs would like to make clients aware that the IRS has released details of its special Employee Retention Credit (ERC) withdrawal process. This initiative is designed to assist employers who filed an ERC claim but have concerns about its accuracy due to pressure or misleading advice from ERC marketers or promoters. The new withdrawal option […]
Watch Now: Cannabis Tax Webinar 11/7
As we approach the conclusion of 2023, the Cannabis Practice at AAFCPAs extends a warm invitation to our esteemed clients and friends to proactively evaluate their comprehensive financial status in anticipation of strategic year-end tax planning. Please remember, implementing the majority of tax-saving strategies necessitates action on or before December 31. At AAFCPAs, we stand […]
Watch Now: Business Tax Webinar 11/2
As 2023 draws to a close, we invite our valued business clients and friends to proactively assess their full financial picture to strategically plan their year-end tax optimization. It’s crucial to note that the majority of tax-saving strategies require implementation on or before December 31. AAFCPAs is poised to assist you in minimizing your tax […]
Best and Worst Practices in Nonprofit Finance
During AAFCPAs’ recent Nonprofit Educational Seminar (April 2023), leaders in our Managed Accounting & Advisory Solutions practice provided more than 400 attendees with a behind the scenes glimpse into some of the best and worst practices in nonprofit financial operations. The session included insight, thoughts, and recommendations from Joyce Ripianzi, CPA, Lauren M. Duplin, CPA, […]
IRS Halts ERC Claims and Urges Vigilance to Combat Fraud
AAFCPAs would like to make clients aware that, as of September 14, 2023, the IRS has ordered an immediate halt to new Employee Retention Credit (ERC) claims in an effort to curtail a surge in scams. This move is set to affect all businesses taking or thinking about taking credits. The moratorium extends through the […]
IRS Warns of Surge in Scams
AAFCPAs and AAF Wealth Management would like to make clients aware of the IRS’ recent warning that a surge of scam reports has hit its phishing@nullirs.gov account. The bureau has also noted a significant increase since the July 4th holiday. The most common scams reported include: The Economic Impact Payment. An economic impact scam is […]