e-News for Payroll Professionals Issue 2024-05

Useful Links:

IRS.gov

Payroll Professionals
Tax Center

Employment Taxes

Reporting Agents File

Employment Tax Forms

Employment Tax Publications

Online Ordering

SSA/IRS Reporter

SSA - Employer Web Page

Taxpayer Advocate Service

Back to top

Issue Number:  2024-05

Inside This Issue

1. Employee Retention Credit withdrawal program still open
2. IRS warns about spearphishing attacks to get client information
3. New webpage addresses common errors to correct employment tax
4. Other tax news

 1.  Employee Retention Credit withdrawal program still open

The IRS announced that compliance efforts related to erroneous Employee Retention Credit claims have topped over $1 billion so far.

Commissioner Danny Werfel said, “The IRS has made important progress in our compliance efforts protecting more than $1 billion in revenue in just six months, but we remain deeply concerned about widespread abuse involving these claims that have harmed small businesses. We are encouraged by the results so far of our initiatives designed to help misled businesses and the IRS will continue our broader compliance work given the aggressive marketing we’ve seen with this credit.”

The ERC Voluntary Disclosure Program was suspended after March 22. However, payroll companies can still use the claim withdrawal program to help clients resolve incorrect ERC claims. Resources to help:

• Frequently asked questions about ERC including eligibility, tips for payroll companies, claim withdrawal and more
• ERC Eligibility Checklist (interactive and printable guide)

Back to Top

 2.  IRS warns about spearphishing attacks to get client information

While the term phishing may be familiar to some, the IRS’s Dirty Dozen article regarding spearphishing further explains the invasiveness of this scheme. Spearphishing targets specific individuals, organizations or businesses, typically using malicious emails. Learn about new client scams, resources to report scams and how to protect data.

Back to Top

 3.  New webpage addresses common errors to correct employment tax

The IRS has a new landing page for correcting employment taxes which provides information about common errors and a helpful chart to figure out which corrected form an employer needs to file based on the original return.

Back to Top

 4.  Other tax news

IRS kicks off Small Business Week the week of April 29, 2024, through May 3, 2024.

Back to Top