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March 2023

HT2 Alert - IRS and FTB Extension

The IRS and the FTB have extended the tax deadline to October 16, 2023 for disaster area taxpayers in California, Alabama and Georgia. The additional relief postpones various tax filing and payment deadlines, including those for most calendar-year 2022 individual and business returns.

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IRS Issues Renewed Warning on Employee Retention Credit Claims

The IRS urges businesses to carefully review the Employee Retention Credit (ERC) guidelines before trying to claim the credit as promoters continue pushing ineligible businesses to file. The IRS and tax professionals continue to see third parties aggressively promoting these ERC schemes on radio, television, online and via mail – with some documents appearing to mimic government forms. These promoters charge large upfront fees or a fee that is contingent on the amount of the refund. And, the promoters may not inform taxpayers that wage deductions claimed on the business' federal income tax return must be reduced by the amount of the credit.

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Buying A New Business Vehicle? A Heavy SUV Is A Tax-Smart Choice

If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with how smaller business cars are depreciated for tax purposes.

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