Seth Kossman

Jan 8, 2025 | jdsupra.com | Elizabeth Atkinson |Harrison Holmes |Seth Kossman

Following the 11th Circuit's ruling in Green Rock LLC v. IRS this past summer, the IRS has decided to cease its defense of post-American Jobs Creation Act (AJCA) reportable transaction notices.

Aug 16, 2024 | jdsupra.com | Elizabeth Atkinson |Harrison Holmes |Seth Kossman

Over the past week, the IRS has announced two significant developments in its administration and enforcement of the Employee Retention Credit (ERC). Last week, the IRS' three-part announcement signaled: (i) an end to the moratorium on processing certain ERC claims; (ii) an acceleration of processing legitimate ERC claims; and (iii) an intensification of efforts to deny and audit potentially fraudulent as well as improper ERC claims.

Jan 11, 2024 | jdsupra.com | Seth Kossman |Stuart M. Schabes

As previously indicated, on December 21, 2023, the IRS launched the latest installment in a series of efforts to claw back pandemic-era tax credits erroneously received by ineligible employers. The Employee Retention Credit Voluntary Disclosure Program (ERC-VDP) allows participating employers who need or want to repay the ERC to voluntarily pay back 80 percent of the total amount received as a credit or refund.

Dec 21, 2023 | jdsupra.com | Seth Kossman |Stuart M. Schabes

December 21, 2023 To embed, copy and paste the code into your website or blog: In an ongoing effort to combat suspect Employee Retention Credit (ERC) claims, on December 6 the IRS announced that it will issue an initial round of more than 20,000 letters disallowing some ERC claims, filed by "fictitious" entities that either: Did not exist for periods between March 13, 2020, and December 31, 2021; or Did not have paid employees during the period for which the ERC credit was claimed. In...

Oct 1, 2023 | thetaxadviser.com | Seth Kossman

Editor: Sarah Shannonhouse, CPATax professionals dread receiving an information document request (IDR) from the IRS. Much of their angst is due to the fact that the IRS may be examining their work product. However, another part of their concern is that they might not fully understand their responsibility in responding to an IDR. The IDR is prepared on IRS Form 4564, Information Document Request.