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Employee Retention Credit — Still The One (The Latest Update)

The Employee Retention Credit (ERC) has proven to be one of the most effective tax policies in helping small and medium businesses and tax-exempt entities weather the economic impact of the pandemic. The ERC provides employers up to $7,000 per employee per quarter in refundable tax relief for the first three quarters of 2021 (and a reduced benefit for 2020).

Recap with alliant: Jan 2022

Only us tax geeks get excited that tax season is officially marked open as the Internal Revenue Service starts accepting tax returns! And while this time of year comes with its own set of challenges, the big story for 2022 is that the IRS will face more problems processing refunds

IRS’s New R&D Tax Claim Requirements

Understanding IRS’s New Requirements for R&D Tax Claim

In an attempt to finetune the verification process for R&D tax credit, the IRS has decided to introduce some new requirements for information from businesses availing the claim. In a recent Chief Counsel memorandum, the agency stated that it wants more detailed information about all of the business components for the claims made for that year.