Michelle Smart EA

www.taxnow.com/blog/erc-update-12-10

4 weeks ago | [YT] | 0

Michelle Smart EA

www.taxnow.com/blog/erc-update-11-05

2 months ago | [YT] | 1

Michelle Smart EA

Email from PEO ADP Total source today:
"Hi Michelle

Thank you for following up about your claim.

The IRS has not yet processed any quarter of your ERTC.

ADP TotalSource has ongoing calls with the IRS to inquire on the status of all our outstanding filings. The IRS is actively engaged but does not share a timeline of when a filing can be expected to process. We are continuing to monitor incoming funds from the IRS daily and will be sure to notify you once credits are received and validated.

Thank you"

4 months ago | [YT] | 0

Michelle Smart EA

Regarding PEO ERC payments. I just got the following message from Trinet:
Hello,
The IRS just started reaching out and asking clarification questions on a few TriNet clients ERTCs which is great news to know they will soon be paying out ERTCs. They have not given us a timeline as to when payouts will happen, but we expect them to start soon and come in over the next several months. Clients will be notified as soon as payments come in or if questions arise. I'm hoping we start seeing client ERTC payments before the end of the year, most likely will.


Thank you,

4 months ago | [YT] | 4

Michelle Smart EA

Some PEO ERC is starting to trickle in. I'm seeing ERC payments scheduled on IRS transcripts! WHOOT

5 months ago | [YT] | 4

Michelle Smart EA

OBBB changes to ERC: www.linkedin.com/pulse/obbb-erc-enforcement-provis…

6 months ago | [YT] | 3

Michelle Smart EA

The ERC telenova continues. Here's the latest: UPDATE: the Senate's draft of the tax bill adds back ERC language that does the following:

1. Retroactively denies ERC claims for Q3 and Q4 2021 filed after January 31, 2024 (claims for Q2 2020 through Q2 2021 filed after January 31, 2024 would not be affected)
2. Extends statute of limitations to 6 years for Q3 and Q4 2021 claims
3. Requires ERC promoters to comply with due diligence requirements

A few other notes:
1. Due diligence requirements are limited to Q3 and Q4 2021 claims
2. The calculation for purposes of determining promoter status is based only on revenue from assisting Q3 and Q4 2021
3. No promoter reporting requirements
4. No enhanced promoter penalties under section 6701

6 months ago | [YT] | 6

Michelle Smart EA

thehill.com/homenews/senate/5347073-billy-long-as-…

7 months ago | [YT] | 3

Michelle Smart EA

Big news on the tax front. House Republicans have removed the employee retention credit provisions from the budget reconciliation bill. It was felt that it would not survive the budget parliamentarian’s review in the Senate.

7 months ago | [YT] | 7

Michelle Smart EA

Here are the OBB changes being voted on soon media.licdn.com/dms/document/media/v2/D561FAQHGX40…

7 months ago (edited) | [YT] | 6