Businesses with dubious ERC claims have another chance with the IRS

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The IRS will reopen its voluntary disclosure program (VDP), allowing businesses to correct questionable employee retention credit (ERC) claims at a discount (Announcement 2024-30). The revised VDP, which will end Nov. 22, allows businesses to repay improper ERC credit amounts, less a 15% discount, and allows them to avoid future audits, penalties, and interest, the IRS said Thursday in a news release. The terms are not as favorable as the first VDP, which included a 20% discount. That VDP, which ended in March, resulted in over 2,600 applications from ERC recipients with disclosures totaling $1.09 billion in credits. The IRS will not...

21 August

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Foreign investors demand tax indemnities for startup investments

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Foreign private equity and venture capital funds are increasingly demanding indemnification from Indian startups against tax-related regulatory risks following a slew of direct and indirect tax notices to them, legal experts said. The indemnity clauses are aimed at protecting investors from the fallout of tax demands on startups by requiring startups to compensate investors for revenue losses because of unanticipated tax notices, the experts said. Until recently, investment contracts carried a general indemnity clause that applied to any unanticipated development in the company, but now PEs and VCs are insisting on tax-related indemnity, the experts said. “Tax indemnity provisions are becoming increasingly comprehensive,...

21 August

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Kamala Harris proposes raising corporate tax rate to 28%

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WASHINGTON (Reuters) -U.S. Vice President Kamala Harris is proposing to increase the corporate tax rate to 28% from 21% if she wins a November election against Republican rival Donald Trump, her campaign said on Monday. Harris campaign spokesperson James Singer said the move would be part of "a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share." When Trump was president, he slashed the corporate tax rate to 21% from 35% and implemented other tax breaks that are set to expire next year. Trump has vowed to make...

07 July

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Tax extension filers don’t need to wait until October 17

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Taxpayers who requested an extension to file their 2021 tax return don’t have to wait until mid-October to file. If a taxpayer has all the necessary information to file an accurate return, they can file electronically at any time before the October deadline and avoid a last-minute rush to file. Taxpayers who requested more time to file an accurate return have until October 17, 2022. Those who have what they need to file, however, should file as soon as possible to avoid delays in processing their return....

06 July

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Tax extension filers don’t need to wait until October 17

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Taxpayers who requested an extension to file their 2021 tax return don't have to wait until mid-October to file. If a taxpayer has all the necessary information to file an accurate return, they can file electronically at any time before the October deadline and avoid a last-minute rush to file. Taxpayers who requested more time to file an accurate return have until October 17, 2022. Those who have what they need to file, however, should file as soon as possible to avoid delays in processing their return. ...

11 January

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Tax extension filers don’t need to wait until October 17

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11 January

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Tax season alerts and planning ahead for 2023

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Tax season alerts and planning ahead for 2023

Taxpayers face a number of issues due to critical tax law changes that took place in 2021 and ongoing challenges related to the pandemic. The IRS continues to share updated information for people now filing their 2021 tax returns and those planning for the 2022 return they will file next year, as well as anyone who has previous year tax returns awaiting processing by the IRS. This special alerts page is designed to help anyone whether they are now preparing their tax return or are awaiting processing of a return or refund and the latest updates on IRS letters, or...

10 January

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