New IRS Small Business Service

The IRS has introduced a new online service for small businesses, called Online Business Tax Accounts, expanding on its existing online accounts for individuals. Currently, only sole proprietors who file business tax returns with an employer ID number are eligible to open these accounts. While the available services are limited at present, the IRS plans to enhance them in the upcoming months. Once a small business creates an account, clients can: In the near future, additional features will include the ability to: For businesses other than sole proprietors, the main challenge in obtaining these accounts is verifying that the individual
Read More

ERC Claim Withdrawal

The IRS has introduced a new policy allowing penalty-free withdrawals of Employee Retention Credit (ERC) claims, specifically targeting incorrect or fraudulent claims. Small business owners and others can now withdraw ERC claims and avoid repayment of refunds, interest, and penalties for erroneous claims. This includes cases under audit, where taxpayers can request withdrawal without facing penalties, a departure from the typical restrictions on amending or withdrawing claims under audit. Eligible claims for withdrawal are those made on an adjusted employment return filed exclusively for the ERC, and the IRS must not have paid the refund or the taxpayer must not
Read More