News & Analysis as of October 6, 2024

Tax Relief

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Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms helping to make sense of insurance, employment, tax, securities, M&A, risk management, and every other consideration touched by this crisis. Follow the channel for a daily email brief of the latest and best updates. less -

IRS Introduces Second Opportunity for ERC Claimants to Correct Errors

Husch Blackwell LLP on 8/21/2024

On August 15, 2024, the Internal Revenue Service (IRS) launched a second Employee Retention Credit (ERC) Voluntary Disclosure Program for employers to correct any mistakes related to their ERC claims. The ERC, introduced by...more

IRS Reopens Employee Retention Tax Credit Voluntary Disclosure Program

Fox Rothschild LLP on 8/21/2024

The ERC is a legitimate, refundable tax credit designed to help businesses that continued to pay employees while they were shut down because of the COVID-19 pandemic or that experienced a significant decline in gross receipts...more

IRS Begins Processing Some Employee Retention Tax Credit Claims Filed During the Moratorium

Fox Rothschild LLP on 8/13/2024

The Internal Revenue Service has adjusted its moratorium on processing Employee Retention Tax Credit (ERC) claims, announcing last week it will begin processing claims filed between September 14, 2023 and January 31, 2024. In...more

IRS Resumes Processing New Claims for Employee Retention Credit

Ogletree, Deakins, Nash, Smoak & Stewart,... on 8/13/2024

After lifting the moratorium on processing tax refund claims, the Internal Revenue Service (IRS) has begun processing a large backlog of claims for the employee retention tax credit (ERC), aimed at businesses impacted by...more

Employee Retention Credit: Moratorium, Withdrawals, and March 22 Deadline for Voluntary Disclosure Program

PilieroMazza PLLC on 3/14/2024

The Employee Retention Credit (ERC)—sometimes called the Employee Retention Tax Credit or ERTC—is a refundable tax credit for certain eligible businesses and tax-exempt organizations that had employees and were affected...more

IRS Continues Aggressive Oversight and Enforcement of Employee Retention Credits

Womble Bond Dickinson on 3/7/2024

The Employee Retention Credit (ERC) is a refundable tax credit for businesses whose employees were impacted by the COVID-19 Pandemic. The provisions are set out in § 2301 of the CARES Act and § 3111 of the Internal Revenue...more

The IRS is Aggressively Pursuing Employee Retention Credit Claims. Are You at Risk?

Keating Muething & Klekamp PLL on 2/21/2024

Congress enacted the Employee Retention Credit (“ERC”) during the COVID-19 pandemic to help employers retain their workforce and stay current on payroll despite economic difficulties that plagued the world. The legislation...more

Employee Retention Tax Credit: Post COVID Updates for Healthcare Practices

Roetzel & Andress on 12/21/2023

Joining host Ericka Adler on the #HealthLawHotSpot this week is fellow Roetzel shareholder and leader of the tax practice group, attorney Donna Hartl. Donna provides insight on how and why the Employee Retention Tax Credit...more

ERC Claims on Hold While IRS Figures Out What it Thinks is Real

Gray Reed on 12/20/2023

The IRS recently issued a press release regarding its “continuous efforts to combat dubious Employee Retention Credit (ERC) claims” to announce an initial round of over 20,000 notification letters of disallowed ERC claims....more

IRS Chief Counsel Issues GLAMon ERC Supply-Chain Disruption Eligibility

Gray Reed on 8/15/2023

Section 2301 of the CARES Act, as amended, permits employers to claim employee retention credits (“ERCs”) if they meet certain requirements. Under one of those requirements, an employer may claim an ERC if the employer’s...more

What the IRS is Saying Lately about the Employee Retention Tax Credit

Jackson Walker on 8/11/2023

The employee retention tax credit (“ERTC”) has garnered a lot of “buzz” lately – both from the IRS and businesses who have either received the credit or are seeking the credit. The buzz is well deserved, as the IRS has...more

How IRS Is Cracking Down on Employee Retention Tax Credit Fraud

DarrowEverett LLP on 8/8/2023

The Internal Revenue Service (“IRS”) has recently devoted great attention to detecting, investigating, and prosecuting fraud, particularly as it relates to the Employee Retention Tax Credit (“ERC”) post-COVID. On a webinar...more

Client Advisory: Employee Retention Tax Credit and More on the IRS Fraud Alert

Burns & Levinson LLP on 7/28/2023

Federal legislation relating to the employee retention tax credit (“ERTC”), passed to alleviate the financial burdens of businesses shut down due to governmental orders during COVID, is discussed in a prior Client Advisory....more

The Employee Retention Credit: Reduce Employer Payroll Taxes and Generate Cash

Manatt, Phelps & Phillips, LLP on 6/8/2023

Added to federal tax law by the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and further expanded in 2021, the Employee Retention C redit (ERC) can significantly reduce an employer’s federal employment...more

Code Section 139 Relief Period Scheduled to End: What Employers Need to Know

Morgan Lewis - ML Benefits on 3/2/2023

As the Code Section 139 relief period is scheduled to end soon along with the end of the COVID-19 national emergency, employers that assisted employees with personal expenses attributable to the COVID-19 pandemic should...more

Employee Retention Tax Credits Update: IRS Warns Taxpayers to Beware

Polsinelli on 10/24/2022

On October 19, 2022, the Internal Revenue Service (“Service”) issued news release IR-2022-183, which was intended to warn employers using third-party promoters of Employee Retention Tax Credits (“ERTCs”). ERTCs were created...more

Weekly IRS Roundup September 12 – September 16, 2022

McDermott Will & Emery on 9/20/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 12, 2022 – September 16, 2022...more

Good News: IRS Grants $1.2 Billion in Penalty Relief for Taxpayers Impacted by Covid-19

Lowndes on 9/12/2022

The senior living industry was hit hard by the Covid-19, and the IRS recently announced relief for people or businesses who filed their 2019 or 2020 tax returns late as a result. If your business was subject to failure to...more

IRS Sending Penalty Refunds to 1.6 Million Taxpaying Companies and Individuals

Procopio, Cory, Hargreaves & Savitch LLP on 9/8/2022

It’s a man-bites-dog story when the tax man gives money away. That’s exactly what the Internal Revenue Service (IRS) intends to do. In a seemingly unprecedented move, the IRS announced plans to return approximately $1.2...more

IRS Helps Taxpayers Avoid Tax Penalties Caused by Retroactive Termination Of Employee Retention Credit

Obermayer Rebmann Maxwell & Hippel LLP on 12/9/2021

The Employee Retention Credit (the “ERC”) was created by the CARES Act to encourage businesses to retain employees on their payroll by providing a refundable tax credit equal to 50% of qualified wages. This credit was...more

IRS FAQs: A Potential Shield for Taxpayers—Not a Sword for the Service

Morgan Lewis on 10/21/2021

The IRS recently issued guidance on the utility of and weight to be afforded informal “frequently asked questions” (FAQs) published on its website—clarifications that became necessary given the IRS’s heavy reliance on FAQs as...more

Eleven of the IRS's Enforcement Priorities During the 2021 Tax Season

Oberheiden P.C. on 4/13/2021

It is tax season once again. While the Internal Revenue Service (IRS) has extended this year’s filing deadline to May 17, 2021 for individuals, businesses must still file by April 15, and all U.S. taxpayers must ensure that...more

Weekly IRS Roundup March 29 – April 2, 2021

McDermott Will & Emery on 4/6/2021

Presented below is our summary of significant Internal Revenue Serve (IRS) guidance and relevant tax matters for the week of March 29, 2021 – April 2, 2021. March 29, 2021: The IRS issued Notice 2021-21 and an...more

Federal tax deadline extended—No word from Ohio Department of Taxation yet

Bricker Graydon LLP on 3/19/2021

On March 17, 2021, the Treasury Department and the Internal Revenue Service announced that the federal income tax filing due date deadline has been extended from April 15, 2021 to May 17, 2021. At the same time, the IRS also...more

Retroactive 2020 Employee Retention Credit Changes and 2021 Enhancements

Burr & Forman on 3/3/2021

The Employee Retention Credit, as originally enacted on March 27, 2020 by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), is a refundable tax credit against certain employment taxes equal to 50% of the...more

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