Moises Salas III’s Post

Big news for IR35!

Did you receive an ERC disallowance letter from the IRS? Many taxpayers will receive these if they haven't already. The IRS finally provided some updated information on how to handle these disallowances if you disagree. https://lnkd.in/easGK9R7 What a mess the ERC has been! And please hire a professional if you want to contest the disallowance. It seems like the IRS has trained its agents to just say "no" on this credit. #taxcompliance #ERC #employeeretentiontaxcredit #employeeretentioncredit #taxcredit #IRS #COVIDtaxcredit #pandemic

The IRS reminds taxpayers of tomorrow’s deadline to voluntarily payback (most) of your ERC if you think you weren’t actually eligible after all. We haven’t seen too much interest in this second round of paybacks offered by the IRS. With recent IRS notices focusing on things like employee count and other random information, it’s hard to know if they will ever get to the actual “ineligible” claims out there. Are you still waiting for your refund? 🐢 https://lnkd.in/gXVSbC6v #employeeretentioncredit #erc #patientlywaitingforredunds

In its short life, the employee retention credit has gone through multiple iterations. Adding to an already-complex framework of over 50 unique resources and pieces of guidance, promoters sold too-good-to-be-true ERC refunds, leading to intense IRS scrutiny and enforcement. All of this has created a complicated framework fraught with potential missteps. Taxpayers with pending or refunded ERC claims should evaluate their claims and weigh potential benefits of participating in the IRS’s withdrawal or voluntary programs. In this article published by Bloomberg Tax, Eversheds Sutherland attorneys Ellen McElroy and Kristen Martin analyze how taxpayers should navigate employee retention credit claims as the deadline for the IRS voluntary disclosure program – on March 22 – approaches. #FederalTax #Tax

Considering suing the U.S. for your #ERC? The IRS is facing delays on processing new ERC claims after Sept. 14, 2023. Only a fraction of pre-Sept. 14 claims will be processed soon. A recent Forbes article weighs in on suing for a tax refund. Consult legal counsel for advice on potential actions. #EmployeeRetentionCredit #taxupdates #IRS

IRS Warning of Self-Employment Credit Scam The IRS is warning taxpayers about bad advice circulating on social media regarding a non-existent “self-employment tax credit” that has been misleading some individuals into filing false claims. The agency has noted that the promotional efforts share some similarities with the aggressive promotion of the employee retention credit that encouraged ineligible taxpayers to claim the credit. The IRS is urging taxpayers to talk to trusted tax professionals and not rely on marketers and social media for tax advice. According to the IRS, promoters of the self-employment tax credit claim many taxpayers who are self-employed or gig workers qualify for the credit and are eligible to receive payments of up to $32,000. However, the credit referenced in the promotional materials is actually credits for sick leave and family leave, and many of those who are being urged to claim it do not qualify. The IRS is closely reviewing the claims it is receiving using Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals, to ensure the taxpayer qualifies for the credits.

When it comes to the self-employed tax credit, having accurate information is essential to avoid falling victim to misinformation or fraudulent schemes. That's why we've created a comprehensive, reliable guide that thoroughly examines the legitimacy of this specific credit, drawing upon official government resources. Our guide provides you with trustworthy information, empowering you to make informed decisions about your finances, confidently claim the self-employed tax credit if you're eligible, and safeguard yourself against potential scams.

Should you sue the United States for your ERC❓ The IRS has indefinitely extended its moratorium on new ERC claims processing, affecting claims filed after Sept. 14, 2023. Only 10-20% of pre-Sept. 14 claims will be processed soon. A recent Forbes article discussed the pros and cons of suing the U.S. for a tax refund -- you can see the arguments outlined in this article. ⬇️ Taxpayers are urged to consult legal counsel for guidance on potential actions, including refund lawsuits. #ERC #EmployeeRetentionCredit #taxupdates #IRS

Should you sue the United States for your ERC❓ The IRS has indefinitely extended its moratorium on new ERC claims processing, affecting claims filed after Sept. 14, 2023. Only 10-20% of pre-Sept. 14 claims will be processed soon. A recent Forbes article discussed the pros and cons of suing the U.S. for a tax refund -- you can see the arguments outlined in this article. ⬇️ Taxpayers are urged to consult legal counsel for guidance on potential actions, including refund lawsuits. #ERC #EmployeeRetentionCredit #taxupdates #IRS

Should you sue the United States for your ERC❓ The IRS has indefinitely extended its moratorium on new ERC claims processing, affecting claims filed after Sept. 14, 2023. Only 10-20% of pre-Sept. 14 claims will be processed soon. A recent Forbes article discussed the pros and cons of suing the U.S. for a tax refund -- you can see the arguments outlined in this article. ⬇️ Taxpayers are urged to consult legal counsel for guidance on potential actions, including refund lawsuits. #ERC #EmployeeRetentionCredit #taxupdates #IRS