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Category: ERC

Navigating ERC Repayment, Correcting Errors, and Understanding Consequences: A Comprehensive Guide

12 January, 2024 | ERC Tax Compliance

The Internal Revenue Service (IRS) has recently introduced significant measures aimed at addressing potential issues related to the Employee Retention Credit (ERC), a vital pandemic-relief tax credit. This comprehensive guide explores the IRS's new voluntary repayment option, delves into the consequences associated with incorrect ERC claims, and outlines proactive steps businesses can take to rectify errors and ensure compl... CONTINUE READING

Understanding ERC Audit Penalties & Fraud Risks

5 December, 2023 | ERC

Penalties & Consequences for Erroneous ERC Claims During COVID, the ERC credit, as well as many other government incentives, helped many businesses keep their doors open, but these programs were also rife with abuse. Now, the IRS is paying special attention to ERC audits, and at the time of writing, the agency has stopped processing new ERC claims and issued several warnings about ERC fraud. ... CONTINUE READING

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New York State Tax Debt—Collection Statute of Limitations

Statute of Limitations on NY State Tax Debt—How Long Can They Collect? After state taxes have been assessed, the Department of Taxation and Finance (DTF) can only collect taxes for a set period of time. In New York State, the statute of limitations is generally 20 years. Howe...