50,000 low-risk claims could be paid as soon as September The Internal Revenue Service (IRS) touted its rejection of thousands of ERC claims in the agency’s latest update on Employee Retention Credit (ERC) claims today. The announcement contains updated information on claims disallowances but also
The IRS celebrated National Whistleblower Appreciation Day on July 30 to recognize the important role whistleblowers play in supporting the United States tax administration, but, in issuing his statement of appreciation, IRS Whistleblower Office Director John Hinman clearly used the opportunity to respond to tax
TaxNotes quoted Caroline D. Ciraolo on the U.S. Sentencing Commission’s latest amendments to the U.S. Sentencing Guidelines, scheduled to take effect (absent congressional intervention) on November 1, 2024. From the article: “Although she said the acquitted conduct amendment from the commission has been “a long
TaxNotes quoted Christopher M. Ferguson on the implications of Loper Bright for IRS enforcement actions against ERC promoters in an article titled “ERC Compliance Announcement on the Horizon,” published July 29, 2024. The article discusses the list of additional warning signs of incorrect claims the IRS
Lee A. Sheppard of TaxNotes quoted the client alert written by Megan L. Brackney and Macdonald Norman about the tax penalty ramifications of SEC v. Jarkesy, et. al. in an article titled “Could Supreme Court Jarkesy Decision Affect Tax Fraud Penalties?” published on August 5, 2024. From
by Robert McLeod The CPA Journal May/June 2024 To reduce unnecessary costs, businesses strive to minimize their tax liabilities. Employment taxes, particularly the employer’s share of Social Security and Medicare taxes under FICA, may represent a significant portion of a company’s tax burden. On the
By Christopher M. Ferguson Bloomberg Tax August 1, 2024 The US Supreme Court’s ruling overturning Chevron deference, as well as the IRS’s own policies, suggest the IRS may be employing a harsh and legally unsustainable standard in assessing the merits of employee retention credit claims. If true,
Taxpayers Could Face Penalties, Interest, and Audits If Claims Are Found to Be Erroneous The Internal Revenue Service (IRS) is stepping up its rhetoric regarding potentially fraudulent Employee Retention Credit (ERC) claims, urging businesses to withdraw erroneous claims before the IRS reviews them and issues
Before the end of the U.S. Supreme Court’s term in June, the Court issued a landmark decision in SEC v. Jarkesy, et al., holding that the Seventh Amendment entitles a defendant to a jury trial when the U.S. Securities and Exchange Commission (“SEC”) pursues civil
Three Partners Also Named Leading Lawyers for High-Net-Worth Private Clients NEW YORK (July 22, 2024) — Kostelanetz LLP has been recognized by Chambers and Partners as a top-tier, Band 1 firm for high-net-worth private tax clients in its 2024 High Net Worth (HNW) Guide. In addition to the firm’s
