IRS Helps Taxpayers Combat Tax Return Identity Theft

Posted by Aden Pham, CPA, on Jan 21, 2021

Tax identity theft is a serious issue for the IRS as fraudsters continue to find new ways to steal taxpayers’ Social Security numbers and other personal information to file false tax returns. According to a 2019 U.S. Government Accounting Office report, the IRS estimates it unwittingly paid at least $110 million in fraudulent tax refunds in 2017. The growing problem of tax identity theft affects both taxpayers and tax professionals who prepare returns for their clients.

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Topics: Accounting Tips, Tax, IRS, tax credits, CAA

Big Changes to the Employee Retention Credit in the Recent Bill

Along with other changes, the recent $2.3 trillion Consolidated Appropriations Act (Act) made significant changes to the Employee Retention Credit (ERC) created earlier in 2020 by the CARES Act. These changes could generate significant opportunities for eligible taxpayers, both retroactively and prospectively.

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Topics: Accounting Tips, Tax, IRS, tax credits, CAA

Driving Innovation and Investments with R&D Tax Credits

As a business owner, you understand the importance of continuous investment in your manufacturing business. But, as the manufacturing landscape becomes increasingly competitive and globally inclusive, you may ask yourself: “Where can I find the extra capital I need to drive my business forward?” One relatively straightforward way to do this is to utilize the research and development (R&D) tax credit, a dollar-for-dollar tax credit that may be applied against taxes for the generating business.

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Topics: Manufacturing & Distribution, tax credits

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