The Internal Revenue Service (IRS) has initiated a withdrawal option for small businesses and organizations concerned about the accuracy of their Employee Retention Credit (ERC) claims. This measure comes as part of the agency's broader initiative to shield these entities from potential scams.
With the complexity of tax regulations and the potential financial implications for businesses, experts are emphasizing the critical importance of tax planning consultations for all business owners. Here's why scheduling one should be on every entrepreneur's to-do list. You can schedule your tax planning consultation today by calling (615) 267-0125 or (989) 704-6560.
Taxpayers are reminded that the extended tax filing deadline is swiftly approaching on October 16th. Those who requested an extension earlier this year must submit their completed tax returns by this date to avoid late-filing penalties. The October 16th deadline applies to taxpayers who requested a six-month extension to file their 2022 tax return. The extension provides extra time to file but does not extend the time to pay any taxes owed. Those who haven't settled their tax bill should do so immediately to minimize any additional interest and penalties.