Getting ready for the end of the year? We’ve got this month’s tax memo full of reminders and helpful links below. With wrapping up tax season, getting ready for next year, and fulfilling your CPE/CE requirements, we hope this helps! In today’s newsletter:
In today’s newsletter:
ERC News
End of Tax Season Reminders
Upcoming CPE with Padgett
The ERC
In a News Release issued October 19th, the IRS announced the withdrawal process for ERC claims, including a Fact Sheet that contains more details about the process. Employers may use the ERC claim withdrawal process if of all the following apply:
They made the claim on an adjusted employment return.
They filed the adjusted return only to claim the ERC, and they made no other adjustments.
They want to withdraw the entire amount of their ERC claim.
The IRS has not paid their claim, or the IRS has paid the claim, but they haven’t cashed or deposited the refund check.
NOTE: Businesses that have willfully filed fraudulent claims, assisted in such conduct or conspired to do so should be aware, however, that withdrawing a fraudulent claim will not exempt them from potential criminal investigation and prosecution.
Reminders for the end of tax season
With the true end of tax season, here’s a quick checklist of reminders before you start doing it all again!
Review & resubmit rejected returns before perfection period ends
Review collections
Perform staff reviews
Identify tax season challenges
Workflow bottlenecks
Staffing concerns
Client concerns
Technology concerns
Update pricing for 2023 returns
Remember, Padgett is here to help with any of these concerns, but you need to start talking to us now to make an impact in time for tax season! Learn More.
Upcoming CPE
Padgett will be offering several upcoming free webinars:
Getting Ready for Tax Season 2024. Annie Schwab, Padgett's Tax Services Manager, will host this Accounting Today webinar where we'll look ahead to the top tax changes, staffing issues, technological evolutions, IRS updates and more that will impact the upcoming filing season. Wednesday, November 8th at 2 pm ET. Click here to register.
Accelerating your firm growth: Strategies, Partners, and Word-of-Mouth Marketing. Is your accounting firm not growing the way you envisioned? Join Anna Khayet, the CMO of Padgett, to learn how you can get back to growth. In this webinar, Anna will guide attendees through essential strategies to pivot firm growth, covering topics ranging from choosing a specialized focus to effective lead generation and effective delegation. Learn which marketing tasks you can wisely outsource or delegate, freeing you to focus on the aspects of your firm that truly require your expertise. Whether you're an experienced tax and accounting practitioner or just starting your practice, this webinar provides practical advice you can apply immediately to accelerate your firm's growth. Multiple dates through December.Click here to register.
Becoming Your Firms CEO: Hiring. Pricing. Marketing. Client relationships. Leadership. Automation and Boundaries. As a local firm owner, you’ve done it all. If you’re done being the technician and are ready to set your firm on a growth trajectory, there are 6 elements of practice management that you need to get right. Miss even one and you could struggle for years only to watch someone else build the firm of your dreams. In this webinar, Jeff Phillips, CEO, and Roger Harris, President, of Padgett will share the playbook that has driven the growth of hundreds of firms within the Padgett Advisor network. Multiple dates through December.Click here to register.
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.
