We have a complete tax update service for CPAs, attorneys, CLUs, CFPs, ChFCs, trust officers and other professional friends. The GiftLaw services are made available to all advisors as a free service. We are available to assist in helping you provide clients with clear and understandable gift illustrations.
More

On May 25, 2023, the Internal Revenue Service (IRS) alerted businesses to be careful about new scams that focus on the Employee Retention Credit (ERC). The IRS has been monitoring a "barrage of aggressive broadcast advertising" that seriously misrepresents and exaggerates the qualifications for the Employee Retention Credit. Due to the proliferation of ERC scams, the IRS is increasing its effort both in audits and criminal investigations. IRS Commissioner Danny Werfel stated, "The aggressive marketing of the Employee Retention Credit continues preying on innocent businesses and others. Aggressive promoters present wildly misleading claims about this credit. They can pocket handsome fees while leaving those claiming the credit at risk of having the claims denied or facing scenarios where they need to repay the credit." The IRS emphasized that the Employee Retention Credit is a legitimate taxpayer benefit. It was created to help businesses with employment challenges during the COVID-19 pandemic. However, the ERC has been abused. Werfel continued, "This continual barrage of marketing by advertisers means many invalid claims are coming into the IRS, which also means it takes our hard-working employees longer to get to the legitimate Employee Retention Credits. The IRS understands the importance of these credits, and we appreciate the patience of businesses and tax professionals as we continue to work hard to get valid claims processed as quickly as possible while also protecting against fraud." The IRS emphasizes the improper ERC credits may result in an obligation to pay back the IRS, potentially including penalties and interest. There are several signs to indicate that taxpayers should be wary of ERC promoters. 1. Unsolicited Calls...
More

GiftLaw Pro is a complete charitable giving and tax information service inside the GiftLaw website...
More

The GiftLaw Calculator is a planned gifts calculator for professionals that follows the IRS format. Click here to access and run charitable deduction calculations for your favorite gift plan...
View Presentation