Firm Insights

Many Employers At Risk For IRS Recovery Of ERC Credits

On March 7, 2023, the IRS issued a warning to Employee Retention Credit claims. False claims generate compliance risk for people and businesses claiming improper credits. According to the warning, "The IRS and tax professionals continue to see third parties aggressively promoting these ERC schemes on radio and online."

Businesses should be cautious of advertised schemes and direct solicitations promising tax savings that are too good to be true. Taxpayers are always responsible for the information reported on their tax returns. Improperly claiming the ERC could result in taxpayers being required to repay the credit along with penalties and interest.

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Gray, Griffith & Mays, a.c., Friday, June 9, 2023

Importance of 1099 Forms

Businesses are required to issue Forms 1099, generally on or before January 31st relating to payments made during the preceding year. The IRS uses Forms 1099 to track income that isn’t recorded in a person’s wages or salaries, which are reported on Form W-2.

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Gray, Griffith & Mays, a.c., Tuesday, February 7, 2023

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MORGANTOWN

Gray, Griffith & Mays Morgantown, PLLC
400 Fort Pierpont Drive
Suite 202
Morgantown, WV 26508
Phone: (304) 241-1267
Fax: (304) 241-1265
E-mail: ggmMorgantown@ggmcpa.net

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CHARLESTON

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707 Virginia Street East
Suite 400
Charleston, WV 25301
Phone: (304) 345-9400
Fax: (304) 345-7258
E-mail: ggm@ggmcpa.net

 

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MORGANTOWN

The Health Group, LLC
400 Fort Pierpont Drive
Suite 202
Morgantown, WV 26508
Phone: (304) 241-1261
Fax: (304) 241-1265