Whether we like it or not, there is incredible pressure on businesses to adopt AI. That pressure is only increasing as AI spending is expected to grow by nearly 30% over the next four years.
The passage of the Affordable Care Act (“ACA”) made it so that certain taxpayers, including Applicable Large Employers (“ALEs”), are required to file IRS Forms 1094-C and 1095-C annually, where they report information regarding health care coverage offered to employees. Below are common questions that arise concerning taxpayer filing obligations related to Forms 1094 and 1095.
The latest IRS data shows that it had 1,057,000 unprocessed Forms 941-X as of December 9, 2023. Most of those forms are likely Employee Retention Credit (ERC) refund claims.
With deals and cross-departmental alignment at year’s end, starting AI discovery in Q4 is essential for organizations looking to adopt AI.
President Joe Biden said over the weekend that debt ceiling negotiations were moving along and that talks between the White House and House Speaker Kevin McCarthy would resume on Tuesday.
The Internal Revenue Service is providing a way for businesses to withdraw incorrect claims for the Employee Retention Credit if they haven’t been paid yet,
The Internal Revenue Service (IRS) recently announced another round of its Voluntary Disclosure Program (VDP) for Employee Retention Credit (ERC) claims. VDP allows taxpayers with doubts about their ERC filing to voluntarily remit their refund, without penalties or interest, while retaining 15% of their credit.
The Internal Revenue Service announced in March that its compliance efforts related to the Employee Retention Credit had exceeded $1 billion, with the agency specifying that “more than 12,000 entities filed over 22,000 claims that were improper and resulted in $572 million in assessments.”
This is the type of language used on websites and in TV ads to get small businesses to apply for the employee retention credit (ERC), a pandemic-era program that applied in 2020 and 2021.
President-elect Donald Trump has tapped former Missouri congressman Billy Long to lead the IRS, which has triggered mixed reactions from Washington and the tax community.