Assurance CPA

Systemic penalty relief is now available for certain tax year 2019 and 2020 returns - TAS The IRS announced that it will grant relief for failure-to-file (FTF) penalties on the following 2019 and 2020 federal tax returns

If you paid a penalty for your 2020 or 2019, you could be receiving a check. The IRS is waiving penalties for certain returns filed for the years 2020 and 2019.

Systemic penalty relief is now available for certain tax year 2019 and 2020 returns - TAS The IRS announced that it will grant relief for failure-to-file (FTF) penalties on the following 2019 and 2020 federal tax returns

As a business owner have you received calls about the ERC credit? Did they claim to be experts or know more about it than their CPAs?
These calls might be the newest pump and dump scam against the IRS and taxpayers.

The company processes a business's ERC claim, charges a large fee to process all the paperwork, and if/when the IRS auditors come to the owner's door. The owner finds out the audit guarantee doesn't cover them. Maybe the ERC processors have vanished and are nowhere to be found.

If you have questions get with your CPA or contact us. We would be happy to help.

Will The IRS Deny Your Claim For The Employee Retention Tax Credit? The written advice some of these companies provide to their clients is lacking.

According to court documents, an owner of a Nevada real estate company attempted to avoid the IRS’s collection efforts. The owner began depositing a small portion of the spouse’s paycheck into the levied bank account and withdrew the remaining portion in cash. Then, the owner began depositing the spouse’s entire paycheck and other earnings into a corporate bank account, using that account to pay most of the family’s personal living expenses. The owner also directed the attorney to pay taxes owed to the IRS on an intentionally overdrawn bank account and to send a materially misleading letter to the agency.

In all, the owner owes more than $1.9 million in restitution to the IRS for the delinquent tax debt from 2005 through 2019. Sentencing is scheduled for Jan. 26, 2023, they face a maximum penalty of five years in prison for tax evasion. Including a period of supervised release, restitution, and monetary penalties.

Quarterly estimates are due June 15th and can be made electronically from the IRS website IRS.gov/payments/direct-pay. If you need help knowing how much to pay, or how to lower your tax liabilities, reach out either via a LinkedIn message or comment on this post.

Individuals, estates, and trusts make up the majority of income tax revenue collected.