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Penalties Internal Revenue Service Tax Credits

Vinson & Elkins LLP

The Very Timely PWA Requirements Finalized

Vinson & Elkins LLP on

On June 18, 2024, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued final regulations (T.D. 9998) (the “Final Regulations”) regarding compliance with the prevailing wage...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Long Awaited Elective Payment Election Final Regulations and Other Guidance Issued by Treasury Department and IRS

On March 5, 2024, the U.S. Department of Treasury and Internal Revenue Services (IRS) released final regulations regarding the direct payment election under the Inflation Reduction Act of 2022 (IRA), a tax credit monetization...more

Jackson Walker

IRS Announces Voluntary Disclosure Program for Employee Retention Tax Credits

Jackson Walker on

On December 21, 2023, the Internal Revenue Service (IRS) issued Announcement 2024-3, setting forth the parameters of a voluntary disclosure program (the “Program”) for taxpayers to resolve Employee Retention Tax Credit (ERTC)...more

Rumberger | Kirk

Protecting Your Business From Widespread ERC Scams

Rumberger | Kirk on

Misinformation and widespread scams have created pitfalls for businesses regarding the employee retention credit - The Employee Retention Credit (ERC) has been one of the most discussed tax topics of 2023. Although...more

Allen Barron, Inc.

Are There Strategies to Avoid an IRS Audit?

Allen Barron, Inc. on

Are there strategies to avoid an IRS audit? What are some of the known risks for triggering an IRS audit? What should you do if you have are concerned about the information provided a previous tax return? Is there a way to...more

BakerHostetler

Analysis of IRS Proposed Regulations Addressing the Renewable Energy Credit Prevailing Wage and Apprenticeship Requirements

BakerHostetler on

As covered in our prior alerts, the Inflation Reduction Act modified and reinstated existing renewable energy credits, enacted new renewable energy credits, and included a mechanism for certain tax credits to increase by a...more

Lippes Mathias LLP

Employee Retention Credit (ERC) – Proceed with Caution!

Lippes Mathias LLP on

The employee retention credit (ERC) is perhaps the most attractive – and controversial – COVID-era federal financial relief offered to the greatest number of US businesses. Congress established the ERC in the CARES Act of...more

Trusaic

Employers Will See Increased ACA Penalties in 2023

Trusaic on

Employers, take note: 2023 brings heftier IRS penalties for failure to comply with the ACA’s Employer Mandate. Under the ACA’s Employer Mandate, ALEs, or employers with 50 or more full-time and full-time equivalent...more

McDermott Will & Emery

Fun for the Whole Family: More ACA Subsidies Apply

McDermott Will & Emery on

On October 11, 2022, the US Department of Treasury (Treasury) and the Internal Revenue Service (IRS) issued final regulations to modify how affordability under the Affordable Care Act (ACA) is determined for an offer of...more

Schwabe, Williamson & Wyatt PC

Beware: IRS To Begin Issuing ACA Employer Shared Responsibility Payment Penalty Notices

The IRS has announced its next steps regarding the Employer Shared Responsibility Payments (the “ESRPs”), which are the ACA penalties assessable to “Applicable Large Employers” for failing to provide affordable health care...more

Snell & Wilmer

You Received a Health Insurance Marketplace Notice from HHS – Now What?

Snell & Wilmer on

Take a deep breath. The HHS Health Insurance Marketplace Notice (the “Notice”) may seem to be a nuisance, but it does not necessarily mean that you will be subject to employer shared responsibility penalties....more

Laner Muchin, Ltd.

Employers Will Begin Receiving Premium Subsidy Award Notices From The Health Care Exchange in 2016

Laner Muchin, Ltd. on

Beginning in 2016, the Centers for Medicare & Medicaid Services (CMS) will begin its process of verifying the eligibility of recipients who receive the Affordable Care Act’s (ACA) advanced premium tax credit to help purchase...more

Proskauer Rose LLP

The ERISA Litigation Newsletter - August 2015

Proskauer Rose LLP on

Editor's Overview - As the summer draws to a close, this month's Newsletter previews three cases that the U.S. Supreme Court already has agreed to hear that ought to be of particular interest to ERISA plan sponsors and...more

Sherman & Howard L.L.C.

Affordable Care Act Update IRS Issues Guidance on Delay of Employer Shared Responsibility Penalties and Reporting Requirements

On July 2, 2013, the Treasury Department made a surprise announcement that enforcement of the Employer Shared Responsibility Mandate, a provision of the Patient Protection and Affordable Care Act ("PPACA"), would be delayed...more

Dickinson Wright

Penalties and Measuring Periods for Large Employers - How to Assess Potential Liability under the Affordable Care Act

Dickinson Wright on

Under the Affordable Care Act (“ACA”), a large employer is subject to penalties if it fails to offer to full-time employees and their dependents health coverage or if the coverage that it offers is not affordable or does not...more

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