IRS Commissioner Daniel Werfel testifies before the House Small Business Committee on July 17, 2013. James Lawler Duggan | Reuters The IRS has unveiled a “voluntary disclosure program” for businesses that claimed a pandemic-era tax credit in error and want to pay the money back. Worth thousands per employee, the employee retention tax credit, or … Read more
IRS Commissioner Daniel Werfel testifies before the Senate Finance Committee on April 19, 2023. Chip Somodevilla | Getty Images IRS scrutiny of the employee retention credit The plan is part of the agency’s elevated focus on employee retention credit claims, according to April Walker, lead manager for tax practice and ethics with the American Institute … Read more
The IRS has unveiled plans to offer digital correspondence for the 2024 season and aims to offer “paperless processing” for tax returns in 2025. It’s expected the plan will eliminate up to 200 million pieces of paper every year, slash processing times by half and speed up refunds by several weeks. “This is truly a … Read more