Tax credits

The Internal Revenue Service is sending out letters this week to more than 9 million potentially eligible families who didn't previously claim economic impact payments or tax credits.

The transition period has now been extended through Jan. 10, 2024 in which taxpayers are afforded a full 45 days to perfect a R&D tax credit claim for refund.

While it's true that many companies qualify for the employee retention tax credit, there is significant concern about abuse and fraud.

The government is requesting responses on implementing the Inflation Reduction Act's climate proposals by Nov. 4 or sooner.

Although the law includes several benefits, many manufacturers and trade groups were disappointed it did not repeal the Section 174 R&D expenditure capitalization requirements of the TCJA.

The service is giving companies and tax professionals another year to fix up their claims for the research and development tax credit.

The vast majority of advance payments of the CTC went to eligible families, but millions of taxpayers who should have received the money did not, while millions of others who didn't qualify got them.

Not keeping abreast of the green provisions of the Inflation Reduction Act could lead to trouble.

The service published updated information about the credit after a scathing investigative report about how the longtime tax credit is being abused.

ERC "mills" have come out of the woodwork to lure small business owners into taking a lucrative tax credit they don't qualify for. Here's what advisors need to know.