joseph castellano

The IRS urges businesses to review their eligibility for the Employee Retention Credit because there’s limited time for them to voluntarily resolve incorrect claims and avoid future issues, such as penalties and interest. Some honest businesses were misled into filing claims for the Employee Retention Credit by promoters who often misrepresented or oversimplified eligibility rules. Businesses that received the credit but don’t meet the ERC rules should consider applying for […]

Categories: Tax News

WASHINGTON – The Internal Revenue Service renewed calls today for businesses to review their eligibility for the Employee Retention Credit as the agency’s law enforcement arm, Criminal Investigation (CI), begins a series of educational sessions for tax professionals. As part of ongoing IRS efforts around the pandemic-era credit, the agency continues to increase compliance activity to protect against fraud. The IRS also renewed calls for businesses and employers to review […]

Categories: Tax News

WASHINGTON – With tax season rapidly approaching, the IRS reminds employers that Jan. 31 is the deadline for submitting wage statements and forms for independent contractors with the government. Employers must file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by Jan. 31. The Jan. 31 deadline also applies to Forms 1099-MISC, Miscellaneous Income, and […]

Categories: Tax News

WASHINGTON — The Internal Revenue Service today announced tax relief for individuals and businesses affected by Idalia, anywhere in South Carolina. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments. This is similar to relief already being provided in most of Florida. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). […]

Categories: Tax News

Kilolo Kijakazi, Acting Commissioner of Social Security, announced 12 new Compassionate Allowances conditions: 1p36 Deletion Syndrome, Anaplastic Ependymoma, Calciphylaxis, Cholangiocarcinoma, FOXG1 Syndrome, Leber Congenital Amaurosis, Metastatic Endometrial Adenocarcinoma, Paraneoplastic Cerebellar Degeneration, Pineoblastoma – Childhood, Primary Omental Cancer, Sarcomatoid Carcinoma of the Lung – Stages II-IV, and Trisomy 9. The Compassionate Allowances program quickly identifies claims where the applicant’s medical condition or disease clearly meets Social Security’s statutory standard for disability. […]

Categories: Tax News

By law, all taxpayers have the right to finality of tax matters. For example, taxpayers have the right to know when the IRS has finished an audit. This is one of ten basic rights — known collectively as the Taxpayer Bill of Rights. Here’s what taxpayers should know about their right to finality: Taxpayers have the right to know: The maximum amount of time they have to challenge the IRS’s position. […]

Categories: Tax News

Social Security has provided financial protection for millions of people for nearly 90 years. We pay disability benefits through two programs: the Social Security Disability Insurance (SSDI) program and the Supplemental Security Income (SSI) program. SSDI is for people with disabilities, and certain family members, if they worked long enough and recently enough to be eligible for benefits. SSI is for people who are 65 or older, as well as people of […]

Categories: Tax News

WASHINGTON — The Internal Revenue Service today reminded thousands of tax-exempt organizations of their May 15, 2023, filing deadline. The annual filing due date for certain returns filed by tax-exempt organizations is normally by the 15th day of the 5th month after the end of an organization’s accounting period. Those operating on a calendar-year (CY) basis must file a return by May 15, 2023. Returns due include: Form 990-series annual […]

Categories: Tax News

WASHINGTON — The Internal Revenue Service today warned taxpayers to watch out for scammers who try to sell or offer help setting up an Online Account on IRS.gov that puts their tax and financial information at risk of identity theft.  The IRS Online Account provides valuable tax information for people. But this information in the wrong hands can provide important information to help an identity thief try to submit a […]

Categories: Tax News

WASHINGTON — The Internal Revenue Service today issued a renewed warning urging people to carefully review the Employee Retention Credit (ERC) guidelines before trying to claim the credit as promoters continue pushing ineligible people to file. The IRS and tax professionals continue to see third parties aggressively promoting these ERC schemes on radio and online. These promoters charge large upfront fees or a fee that is contingent on the amount […]

Categories: Tax News

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