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ERC abuse brings renewed push for regulation of paid tax preparers
The AICPA and Treasury advocate for congressional action to help thwart the unscrupulous promoters that use the employee retention credit to make money by taking advantage of small businesses.
‘Tsunami’ of ERC claims required IRS action to halt fraud, experts say
While the employee retention credit provided essential relief during the pandemic, ERC “mills” justified the IRS’s moratorium on new claims, practitioners and a former IRS commissioner agreed.
IRS to set up new work unit to focus on complex passthrough entities
The unit in the IRS’s Large Business and International Division will concentrate on complex partnerships, large corporations, and high-income and high-wealth individuals starting in 2024.
FinCEN posts guide to help small businesses with BOI reporting
A compliance guide from Treasury’s Financial Crimes Enforcement Network describes the new beneficial ownership information reporting rules that take effect Jan. 1, 2024, and are intended to help uncover criminal tax fraud, money laundering, and other offenses.
