COVID-19 news and information for CPAs

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August 15, 2024

Businesses with dubious ERC claims have another chance with the IRS

The IRS said Thursday it will reopen its voluntary disclosure program to allow businesses to correct questionable claims for the pandemic-era employee retention credit.

July 29, 2024

5 new warning signs of a bad claim for pandemic-era ERC

The IRS said the five signs are the result of what IRS compliance teams found while analyzing and processing claims for the employee retention credit (ERC). The Service plans to briefly reopen its voluntary disclosure program.

July 11, 2024

How tax practitioners viewed filing season, plus ERC and BOI updates

An AICPA leader analyzes recent news related to employee retention credit claims and beneficial ownership information reporting requirements. She also explains why member sentiment about IRS performance during tax filing season is not in alignment with IRS data. Read the Q&A or listen to the podcast episode.

July 3, 2024

Proposed regs. address interest recapture on excess COVID-19 credits

The proposed regulations apply to overpayments of interest on erroneous refunds of COVID-19 credits paid on or after July 2.

April 18, 2024

Despite moratorium, IRS gets 20,000 ERC claims weekly, Werfel says

IRS commissioner Danny Werfel told the Senate Finance Committee that a tax bill passed by the House in January would help the IRS combat fraud in employee retention credit claims.

April 17, 2024

More than 4 in 5 large companies still offer flexible work model

Research reveals that four years removed from the beginning of the pandemic, the majority of the largest companies in America feature a structured hybrid model. The most popular model? Three days per week in the office.

March 22, 2024

Enforcement, voluntary programs yield over $1 billion from ERC claims

On the deadline for businesses to offer to repay erroneous employee retention credit claims under the voluntary disclosure program (VDP), the IRS said assessments account for $572 million of the revenue, with the VDP and the claim withdrawal process accounting for the rest.

March 14, 2024

Clearing up BOI confusion and other tax advocacy updates

An AICPA tax leader discusses March focus areas for advocacy and why it’s still “business as usual” for most companies filing beneficial ownership information reports.

February 20, 2024

The ERC: Practitioners’ responsibilities to amend income tax returns

Practitioners must weigh applicable professional standards and exercise due diligence in assessing whether a taxpayer claiming an employee retention credit must amend one or more income tax returns to reduce deductions of wages for which the credit was claimed.

February 16, 2024

On Form 1099-K delays, Werfel says IRS must protect taxpayer rights

IRS Commissioner Danny Werfel also discussed the employee retention credit and IRS funding when he appeared before the House Ways and Means Committee on Thursday.