All Posts Term: Tax
8 post(s) found
Tax

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.

Tax

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.

Tax

Looking For Your Refund?

Taxpayers can check the status of their tax refunds by going to https://www.irs.gov/refunds. You can start checking the refund status within 24 hours after an e-filed return is received by the IRS.

Tax

Employee Retention Credit

The Employee Retention Credit (“ERC”) is a credit that was effective in 2020 to assist businesses in keeping employees on payroll. The ERC has been extended for all of 2021 and has been significantly expanded. Even if your business did not lose revenues in 2020 compared to 2019, you still could qualify given the many eligibility factors.

Many Employers At Risk For IRS Recovery Of ERC Credits
6/9/2023 11:33 AM | Gray, Griffith & Mays, a.c.
Importance of 1099 Forms
2/7/2023 12:36 PM | Gray, Griffith & Mays, a.c.
Looking For Your Refund?
3/23/2021 9:53 PM | Gray, Griffith & Mays, a.c.
Employee Retention Credit
3/23/2021 9:50 PM | Gray, Griffith & Mays, a.c.
Relief On Tax Related To Unemployment Benefits
3/23/2021 9:41 PM | Gray, Griffith & Mays, a.c.

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Phone: (304) 241-1261
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