https://www.irs.gov/pub/lanoa/am-2023-005.pdf Overview The recent Generic Legal Advice Memorandum (GLAM) released late last month by Rachel Leisure Levy, Associate Chief Counsel of the IRS, has shed light on a crucial aspect of claiming the Employee Retention Tax Credit (ERC). The memo specifically addresses the topic of “Full or Partial Suspension[s] of the Operation of a Trade …
New IRS Memo: Supply Chain Disruption ERC Claims Read More »
In a groundbreaking development on February 1, 2023, a federal grand jury in Salt Lake City, Utah, handed down an indictment that has sent shockwaves through the accounting world. The defendants named in the indictment are Zachary Bassett, Mason Warr, and their firm COS Accounting & Tax LLC, operating under the alias 1099 Tax Pros. …
DOJ Initiates Criminal Charges Against ERC Fraudsters Read More »
Something that a lot of people don’t realize is that it isn’t too late to file for the Employee Retention Tax Credit (ERC). A reoccuring question that we come across here at Century Concepts pertains to the deadline for claiming the ERC, a question that seems to be on the minds of many as evidenced …
It’s Not Too Late to File for the Employee Retention Credit (ERC) Read More »
The Taxpayer Advocate Service (TAS) is an independent organization within the Internal Revenue Service (IRS) that is committed to assisting taxpayers in resolving their problems with the agency. TAS offers a variety of free services, including help with dispute resolution, guidance through complex tax laws and regulations, and support for individuals experiencing financial difficulties due …
Navigating ERC Issues with the Taxpayer Advocate Service Read More »
The Internal Revenue Service (IRS) has recently added promoter claims involving the Employee Retention Credits (ERCs) to its annual Dirty Dozen list of tax scams. This decision comes after observing a surge in illegitimate claims being filed by businesses and individuals who have been misled by aggressive marketing tactics employed by promoters. These promoters …
IRS Warns About ERC Scams in Annual Dirty Dozen List Read More »
Understanding the specifics concerning aggregation and controlled groups is crucial when dealing with the Employee Retention Credit (ERC) because it directly impacts a business’s eligibility, credit amount, and compliance with IRS regulations. Failing to consider these factors may lead to incorrect claims and potential consequences, such as penalties and the need to repay improperly claimed …
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