IRS

Tax information from the IRS and shared by Vernoia, Enterline + Brewer, CPA LLC.

Penalty Relief Related to Claims for the Employee Retention Credit

The Department of the Treasury and the Internal Revenue Service have received requests from taxpayers and their advisors for relief from penalties arising when additional income tax is owed because the deduction for qualified wages is reduced by the amount of a retroactively claimed employee retention tax credit (ERTC), but the taxpayer is unable to

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