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Category Archives: Small business Tax

IRS CRACKS DOWN ON DUBIOUS ERC CLAIMS

Robert Bell, CPA, Audit + Tax Manager The IRS is taking action to prevent fraudulent claims within the Employee Retention Credit (ERC) program. This credit provided crucial relief to many during the pandemic, however, some bad actors saw an opportunity to exploit it. Here is the summary of key points: The IRS has a voluntary...

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Modifications to 163(j) Limitation – Robert Bell, CPA, Auditor

Starting in 2018, businesses became subject to an annual business interest expense deduction limitation under code 163(j). This limitation is based on a percentage of adjusted taxable income (ATI). The ATI calculation begins with federal taxable income and has myriad additions and subtractions; two of the core addbacks to this ATI calculation historically have included...

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