The Internal Revenue Service (IRS) has granted significant tax relief for victims of Hurricane Helene, specifically targeting residents and businesses located in FEMA-declared disaster areas within Alabama, Florida, Georgia, North Carolina, South…

On November 25, 2024, the IRS announced an extension to the research credit claim transition period, providing taxpayers with an additional timeframe to perfect their research credit claims for refunds.[1] This extension allows taxpayers 45 days to…

The Internal Revenue Service (IRS) has announced the reopening of the Employee Retention Credit (ERC) Voluntary Disclosure Program (VDP), which will run through November 22, 2024. This program offers businesses the opportunity to correct improper…

In a significant move to safeguard taxpayers and small businesses, the Internal Revenue Service (IRS) has unveiled plans to deny tens of thousands of improper high-risk Employee Retention Credit (ERC) claims. Concurrently, the agency will initiate…

The IRS recently announced a significant update simplifying the process for submitting research credit refund claims under section 41. This change, effective immediately, reduces the burden on taxpayers by removing two specific information…

The Internal Revenue Service (IRS) has announced that its compliance efforts have protected over $1 billion in revenue since last fall, focusing on erroneous Employee Retention Credit (ERC) claims. IRS Commissioner Danny Werfel expressed concern…

The pharmaceutical and biotech industries are constantly developing, testing and patenting new medicines and drugs for release into the market. Artificial intelligence (AI), a powerful tool that can aid in addressing complex challenges, has been…

Introduction While there is considerable buzz these days surrounding the Federal Section 48 Investment Tax Credit (ITC), it is worth noting that many states have their own versions. These tax credits are usually simpler to claim, and, in most…

On January 31, 2024, the U.S. House of Representatives overwhelmingly passed The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) by a vote of 357 to 70, concluding yearslong negotiations over the expansion of the child tax…

The Employee Retention Credit (ERC) has been a lifeline for businesses during the challenges of COVID-19; however, some may find themselves in a situation where they need to repay the ERC due to ineligibility. Fortunately, the Internal Revenue…