IRS processing 400K ERC claims with about $10 billion in eligibility
The Service said it had made “substantial progress” in distinguishing valid employee retention credit claims.
Social Security wage base announced for 2025
The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2025. The cost-of-living adjustment (COLA) for Social Security benefits for 2024 is slightly lower than last year’s COLA.
Intangible property repatriation rules finalized
The regulations terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation.
TIGTA says IRS should review $42 billion in ERC claims
The Treasury Inspector General for Tax Administration estimated that a change in policy for pre-refund examinations resulted in $2 billion being paid for erroneous employee retention credit claims.
Final regs. target syndicated conservation easement transactions
The IRS issued the final regulations identifying these abusive transactions and substantially similar ones as reportable listed transactions.
To comment on this column, contact Paul Bonner, the JofA’s tax editor.
