10/25/2023
The IRS has a moratorium through at least the end of the year on processing all 941-X forms on which the ERC is claimed, and a processing delay of 180 days for forms already in the pipeline as of Sept. 14, the day the moratorium began. The IRS has also taken other steps to stanch ERC fraud.
10/23/2023
In today’s inflationary economy, employees will probably be thrilled to receive gift cards redeemable for merchandise or—even better!—gasoline. Who wouldn’t like 25 or 50 extra bucks during the holidays? However, employees’ excitement may dim when they realize the value of those gift cards counts as taxable income. That’s because giving gift cards to employees is the plastic equivalent of giving them cash—and cash is always taxable.