IRS enters next stage of Employee Retention Credit work; review indicates vast majority show risk of being improper

Highest-risk claims being denied, additional processing to begin on low-risk claims; heightened scrutiny and review continues as compliance work tops $2 billion; IRS will consult with Congress on potential legislative action before making decision on future of moratorium IR-2024-169, June 20, 2024 WASHINGTON — Following a detailed review to protect taxpayers and small businesses, the […]

Retirement plan distributions: IRS provides guidance on certain exceptions from 10% additional tax for emergency personal or family expenses and for survivors of domestic abuse

WASHINGTON – The Internal Revenue Service today issued Notice 2024-55PDF, which provides guidance on exceptions to the additional tax when taking early permissible retirement plan distributions for emergency personal expenses and for victims of domestic abuse. This was added by the SECURE 2.0 Act of 2022, and the provisions became effective on January 1, 2024. […]