Recovered from tax season yet? We hope so! As things slow down for the summer, now is the time to commit to focusing on your goals for your business. We’ve got a couple of things to keep in mind below, but the biggest one? Talk to Padgett about how we help franchisees grow their firms!
In today's newsletter:
IRS Announcements
Employee Retention Credit (ERC) Audits and Concerns
What's in the Padgett Pipeline?
IRS Announcements
Disaster Relief: The IRS announced updated filing and payment deadlines for Florida and Oklahoma storm victims in Broward, McClain, and Pottawatomie Counties. Keep up-to-date with the latest tax relief information on the IRS website.
IRS is retiring secure access: Beginning May 17, 2023, the IRS will no longer support the use of existing Secure Access usernames and passwords to access e-Services. Tax professionals will need to have an ID.me account to access e-Services. If you do not have an ID.me account, you must create a new account to access this service.
IRS notices are resuming: The IRS recently announced that certain collection notices previously paused will gradually resume following the termination of the COVID-19 emergency declaration.
Employee Retention Credit (ERC) Audits and Concerns
The IRS has begun auditing businesses that have claimed the ERC to verify the accuracy of the claim and detect fraud. While the Service hasn’t yet defined the audit's scope, ensure that your clients have documentation to support things like eligibility, employee and wage information, and PPP interplay.
In News Release IR-2023-40 the IRS continues to warn tax professionals to carefully review the ERC guidelines before trying to claim the credit, as ERC mills continue to promote ERC schemes on the radio and online.
During our Tax Chat, we discussed pricing considerations for ERC audits, correcting false claims, and addressing IRS notices.
What's in the Padgett Pipeline?
Padgett continues to investigate partnerships with other firms and software companies to streamline franchisee workflows, increase productivity and generate profits. Recently, we completed a pilot program with Tallyfor and introduced owners to the SAM Marketplace!
We have a podcast!
Want more tax updates and accounting insights? Tune in every other week to Federal Tax Updates! Hosts Roger Harris, EA and Annie Schwab, CPA help you keep up-to-date with the latest federal tax information while earning approved CPE and CE credits.
At Padgett, our mission is simple: help business owners focus on their passion by supporting them through the tasks that take time away from doing the work they love. We empower accountants, bookkeepers and tax professionals across the country to run their own firms with freedom and confidence. If you'd like to know more about the benefits of becoming a Padgett firm, contact us today.
