The IRS recently released new FAQ guidance providing a simplified procedure for addressing income tax amendments and refund claims related to Employee Retention Credit (ERC) determinations. See IRS FAQs. Taxpayers claiming...more
4/11/2025
/ Business Entities ,
Corporate Counsel ,
Employee Retention ,
Employer Liability Issues ,
Filing Requirements ,
Income Taxes ,
IRS ,
New Guidance ,
Tax Credits ,
Tax Liability ,
Tax Returns
From understanding how businesses are taxed to navigating changes in Ohio tax regulations, it’s important to be aware of potential tax hurdles and how to proactively avoid them. This article from Buckingham, Doolittle &...more
12/2/2024
/ Commercial Activity Tax ,
Corporate Taxes ,
Eligibility ,
Income Taxes ,
Local Taxes ,
Pass-Through Entities ,
Property Tax ,
Regulatory Reform ,
Regulatory Requirements ,
State and Local Government ,
State Taxes ,
Tax Credits ,
Tax Incentives ,
Tax Reform
The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) would terminate the employee retention credit (ERC) for claims filed after January 31, 2024. Initially authorized by the CARES Act to incentivize...more
1/23/2024
/ CARES Act ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Employee Retention ,
Filing Deadlines ,
Income Taxes ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
Small Business ,
Tax Credits ,
Tax Relief ,
Tax Returns
Ohio’s Biennial Budget Bill (H.B. 33) was signed into law by Governor DeWine on July 4, 2023. The Bill focused on investments to boost Ohio economic development, education, and healthcare, but also included significant cuts...more
The employee retention credit (ERC) can be a tremendous boon for eligible employers to claim substantial cash refunds for keeping their employees on the payroll during the COVID-19 pandemic. To qualify, the employer must have...more
On August 4, 2021, the IRS released additional guidance concerning the Employee Retention Credit (ERC) for Q3 and Q4 2021. See IRS Notice 2021-49. A notable expansion to eligible businesses includes any business started after...more
Following enactment of the Families First Coronavirus Response Act and the CARES Act, Buckingham’s team of tax attorneys have been helping clients survive these difficult and unprecedented times in America. Below are some of...more
4/3/2020
/ CARES Act ,
Charitable Deductions ,
Coronavirus/COVID-19 ,
Financial Stimulus ,
Net Operating Losses ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Tax Credits ,
Tax Deductions ,
Tax Exemptions ,
Tax Relief