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Statute of Limitations › Tax Credits

Statute of Limitations refers to a statute that sets the time period during which a legal claim can be brought. Most statute of limitations laws require individuals to sue at some point during a set period... more +
Statute of Limitations refers to a statute that sets the time period during which a legal claim can be brought. Most statute of limitations laws require individuals to sue at some point during a set period usually commencing from the date of the wrong or injury or the discovery of the wrong or injury. Except for under a limited set of circumstances, if an individual does not file a suit within the specified time period, the law bars them from ever suing on that claim. less -
Mayer Brown

Superior Court of Justice Changes Understanding on Statute of Limitations for Offsetting Tax Credits Arising from Judicial...

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The Second Panel of the Brazilian Superior Court of Justice (STJ) recently issued a significant decision regarding the time limit for the offset of tax credits recognized in final and unappealable judicial decisions. The...more

Ballard Spahr LLP

Finally Received the Employee Retention Credit? Now What? A Guide to ERC Income Tax Consequences

Ballard Spahr LLP on

It appears that the flood gates have opened and that the IRS is finally processing and paying claims for the employee retention credit (ERC) en masse. After waiting a very long time (often years) with no contact from the IRS,...more

Allen Barron, Inc.

How to Prepare for an IRS Audit

Allen Barron, Inc. on

We are often asked how to prepare for an IRS audit. The first and most important thing to know is that speaking directly with the IRS is not in your best interest. IRS Revenue Officers (auditors) are skilled interrogators....more

Fox Rothschild LLP

Employee Retention Tax Credit: Updates From Congress and the IRS

Fox Rothschild LLP on

There are several new developments in the Internal Revenue Service’s ongoing campaign to combat false and fraudulent Employee Retention Credit (ERC) claims, including an indefinite extension of the agency’s moratorium on...more

Dickinson Wright

IRS Orders Immediate Stop to New Employee Retention Credit Claims and Announces Future Settlement Program

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The Employee Retention Tax Credit (“ERC”), enacted as a part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), is a fully refundable tax credit for employers, which is up to $26,000 per eligible...more

Freeman Law

Tax Court in Brief | Schwartz v. Comm’r | Collection Due Process; Credit Election Overpayment; Quintessential Tax Procedure

Freeman Law on

Schwartz v. Comm’r, T.C. Memo. 2022-125| December 21, 2022 | Vasquez, J. | Dkt. No. 17291-14L - Short Summary:  Eric Schwartz (“Schwartz”) and his spouse divorced.  Pursuant to those divorce proceedings, the state court...more

McDermott Will & Emery

Court Weighs in on Deadline for Filing FTC Refund Claims

McDermott Will & Emery on

On September 19, 2014, the U.S. Court of Federal Claims issued its opinion in Albemarle Corp. v. United States, No. 12-184T, holding that it lacked jurisdiction over the taxpayer’s claim for refunds based on foreign tax...more

Morrison & Foerster LLP

MoFo New York Tax Insights - Volume 5, Issue 8 - August 2014

Morrison & Foerster LLP on

In This Issue: - Department Releases New Nonresident Audit Guidelines to Address Gaied - Nuclear Power Plant That Produces Steam and Water to Generate Electricity Is Not Eligible for Investment Tax Credit ...more

Cozen O'Connor

Credits for Overpaid Taxes Affirmed

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A divided panel of the Commonwealth Court affirmed a decision below that taxpayers were entitled to credits for overpaid Philadelphia Business Privilege Tax, notwithstanding a three-year limit on the refund of taxes. City of...more

Baker Donelson

Alabama Legislative Update – Week 4: Multiple Bills Passed and On the Way to Governor Bentley's Desk

Baker Donelson on

On the afternoon of February 28, the House of Representatives and Senate sent differing versions of the Local Control School Flexibility Bill to conference committee. A few hours later, the conference committee reported a...more

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