9 Months Into ERC Claim Processing Moratorium - Still A Waiting Game

In September 2023, the IRS announced a moratorium on the processing of new employee retention credit (ERC) claims because of what it said was rampant fraud. That moratorium has not stopped the filing of new claims, and the IRS has not been able to process all the claims filed before the moratorium. "Soon" is the answer National Taxpayer Advocate Erin Collins was given.

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What Is Reasonable Compensation For An

S Corp?

The IRS keeps a close eye on how S Corporations divide their profits across owners’ wages and salaries versus distributions and dividends. If you choose S Corp election for your LLC or C Corporation, you must be careful about how much you pay yourself.

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Maximizing The Federal Gift Tax Annual Exclusion: A Brief Guide For Savvy Taxpayers

The federal gift tax annual exclusion allows taxpayers to transfer relatively significant sums to their children or other beneficiaries each year without incurring gift taxes. This exclusion amount, which currently stands at $18,000 for the year 2024, is adjusted annually for inflation, making it a valuable tool for wealth transfer planning.

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Welcome Our Summer 2024 New Hire Class

From left to right:

Tiago Annes joins as a Tax Supervisor with 9 years of experience in public accounting, specializing in the construction, manufacturing & distribution, and financial services industries.

Francesca Callahan joins as an intern, pursuing a Bachelor of Science Degree in Accounting at Northeastern University.

Maura Dorr joins as an intern, pursuing a Bachelor of Science Degree in Business Administration at Providence College.

Alyson Simpson joins as an intern, pursuing a Bachelor of Science Degree in Accounting, with a minor in Mathematics and Education at Assumption University.

Michael Dee joins as an intern, pursing his Bachelor of Science Degree in Business Administration from the University of Massachusetts Amherst.

Mackenzie (Kenna) Kaut joins EJC as an intern, with a Bachelor of Science Degree in Actuarial Math from Bryant University, where she will also be pursuing a Master of Science in Business Administration this fall.