Misleading Employee Retention Credit scams
As aggressive marketing continues, the IRS reminds businesses and tax-exempt groups to watch out for telltale signs of misleading claims about the Employee Retention Credit (ERC), sometimes called the Employee Retention Tax Credit or ERTC. While the credit is real, aggressive promoters are misrepresenting and exaggerating who can qualify for the credit. Read more here on the IRS website.
Reminder:
If you received any Employee Retention Credit, You must also reduce your deduction for wages by the amount of credit you received for the same tax period. That means you will need to Amend your income tax return for the business and/or individual return and may be subject to additional taxes. Please contact our office if you received any ERTC.
Our office will not e-file your tax return(s) unless we’ve received a signed FORM 8879 e-file Signature Authorization form back from you.
Our Office will be closed from December 18th through January 2, 2024. We will return to the office on January 3, 2024. We wish you all a wonderful Happy Holiday, Merry Christmas and Happy New Year!
What if I can’t pay my taxes? Don’t panic – you may qualify for a self-service, online payment plan (including an installment agreement) that allows you to pay off an outstanding balance over time. Read more here on the IRS website.
Information Return Reporting
Electronic filing requirements for information returns required to be filed in calendar years beginning after 2023. Make sure you take the necessary steps within your organization and communicate this with anyone preparing your returns.
Beneficial Ownership Information Reporting
You can find out more about this on the finCEN.gov website. For any businesses registered to do business before 1/1/2024 you have until 1/1/2025 to file a report. Any business registered 1/1/2024 and after has 90 days to report a BOI report. Businesses registered after 1/1/2025 has 30 days to file a BOI report.
Here are a few 2023 Tax Updates and Changes
2023 standard mileage rates: Beginning January 1, 2023, the standard mileage rates are 65.5 cents per mile for business use. Read more here on the IRS website.
Tax credits for families revert to 2019 levels. You’ll likely receive a significantly smaller refund compared to last year because the Child Tax Credit (CTC), the Earned Income Tax Credit (EITC) and the Child and Dependent Care Credit amounts revert to pre-COVID levels.
Secure Act 2.0
New start up Retirement Plan tax credit: You will receive a credit to cover 100% of Administrative cost (max $5,000/ yr.) for the next 3 years (Up to $15,000). An additional up to $1,750 per employee tax credit is also available.
Expanded catch-up plans, increased contribution limits, Student Loan matching Contributions, Retirement withdrawals penalty updates.
Our mission
Let’s be honest, preparing taxes is no fun. All of us at Absolute Tax and Financial Services believe that preparing taxes should be a pleasant experience and you shouldn’t have to pay a premium for that level of service. Therefore, we’re committed to building long-term and genuine relationships with our clients.
“There is no such thing as a good tax.” -Winston Churchill
Contact Information
Let us provide you with the absolute best in tax and financial services.
Address
3723 Benson Drive
Raleigh, NC 27609
Phone
919-888-4042
FAX
919-888-4047
Email Address
info@taxabsolute.com
Business Hours