by Dave Horwedel, EA The Employee Retention Credit is in the news with the IRS sending out thousands and thousands of IRS Audit (aka Examination) Letters and offering a discount if you voluntarily withdraw your ERC . To understand what to do with your ERC, you need...
by Dave Horwedel, EA It would seem by reading IRS announcements that ERC Law has changed or that the IRS has recanted on their earlier IRS Guidance. This is not true. Nothing has changed except the IRS has taken on a much sterner tone and is asking those who falsely...
Hi. This is Dave Horwedel. I am an Enrolled Agent, EA, the highest federal tax credential, and the founder of Torchlight and Guard Dog Tax. I would like to introduce you to my firm. I apprenticed at another EA/CPA firm before starting my own practice in 2015 in Las...
by Dave Horwedel, EA No. The ERC is not cancelled for those who submitted on or before 12/31/2023. The IRS has paid or is still processing these ERC claims. Are new claims being accepted? Proposed legislation ends acceptance of new ERC claims as of 12/31/2023, if...
The IRS is offering a voluntary program that allows you to withdraw your Employee Retention Credit (ERC) if you have already received it, and “only” pay back 80% of what you received. Is this a smart move? Should you withdraw your ERC? Before you withdraw your ERC,...
This is Dave Horwedel, EA and founder of Torchlight Tax. (The full text of IR-2023-169, Sept. 14, 2023 is issued below.) If you have been following my Torchlight Tax blog and YouTube Channel, you will see I have been beating the drum about Improper Employer Retention...
At Torchlight Tax, the steps in ERC application and delivery are seven-fold.
If you do not qualify for the ERC by the Gross Receipts Test, there is a second independent test that you take.
There is a common misunderstanding among taxpayers and inadequately trained tax professionals. They think the IRS gives…
Getting an ERC, if you truly qualify, can be a huge boon for you and your business. There can be a lot of money involved.