Recent budget proposals in Washington include a roughly $1.4 billion reduction to the IRS’s annual funding, with a significant portion targeted at enforcement activities. The administration has framed this as a way to streamline operations and trim “inefficiency and duplicative spending,” while House appropriators have advanced a funding bill that would lower enforcement dollars well
As mentioned in IR-2024-217, the IRS has released interim guidance in late August 2024 allowing that employers with retirement plans (401(k) plan, 403(b) plan, governmental 457(b) plan or SIMPLE IRA plan) can provide matching for employees payments to their student loans in plan years beginning Dec 2023. Previously the employer matching was only if the
In August 2021, there have been several updates to the Employee Retention Credit guidance plus the National Conference of CPA Practitioners was extremely critical with some of this recent guidance. As you can read on this post, there are still different areas of this tax credit that are litigious and unclear for tax professionals. We
The IRS provided additional guidance for the Employee Retention Credit for the first two quarter of 2021. The IRS notice addresses some of the changes from 2020 Employee Retention Credit. From the Journal of Accountancy's article, "... As a result of the changes made by the Consolidated Appropriations Act, eligible employers can claim a refundable
As previously published in our post earlier in the year, the change in the Employee Retention Credit (ERC) was something positive for the business owners, but it left many questions and professionals waiting for guidance. Note that during this waiting period, there were auto proclaimed experts on ERC while professionals were patiently waiting. Please, do
