IRS clarifies employee retention credit guidance

by | Jul 26, 2023

ARTICLE | July 26, 2023

The IRS has recently released additional guidance on Employee Retention Tax Credit (ERC) claims, specifically addressing the impact of supply chain disruptions on eligibility for the credit. In a Generic Legal Advice Memorandum (GLAM) and IRS Notice, the IRS explores various scenarios and clarifies the requirements for employers to substantiate their claims. It emphasizes the need for documentation demonstrating the specific government orders that led to the suspension of operations and the inability to obtain goods or materials from alternate suppliers. Additionally, the IRS warns employers of the increasing examination activity and enforcement efforts to combat aggressive ERTC claims. To learn more about the IRS guidance on ERC claims and the consequences of erroneous refunds, click the link below.

Read the full article here…

Questions or Want to Talk?

Call us directly at 972.221.2500 (Flower Mound) or 940.591.9300 (Denton),
or complete the form below and we’ll contact you to discuss your specific situation.

  • Should be Empty:
  • Topic Name:

Are You Prepared for Battle?

Resources are limited, time is short, and enemies are real. To win the war in your market, you need to know yourself. Learn how to redefine your business strategy for today’s competitive landscape through KHA’s Dynamic Business Advising.

Bake’s Takes Volume 1, Issue 3

In this month’s Bake’s Takes, Jonny Baker explores the shift in leadership dynamics and the value of unleashing employee creativity. Baker discusses the need for a daring, contrarian mindset for breakthroughs and the power of asking the right questions. Gain insights from his top three recommended reads to navigate the complexities of change and strategic management.

Where Do I Look?

Ever felt like finding a solution to your business problem is like finding a needle in a haystack? Just as a needle is found by stepping back from the haystack, let KHA Strategic Consultants give you the outside perspective to find your answers. Contact us today for an objective assessment of your business and a proven path to success.

It’s Lonely at the Top

Explore the three key factors contributing to the isolation often felt by CEOs and business leaders. Learn how our Dynamic Business Advisory service can provide the necessary context and expertise to help you navigate complex business decisions.

Bake’s Takes Volume 1, Issue 2

Dive into Bake’s Takes, a monthly roundup of the best leadership reads, curated by Strategic Consulting Partner, Jonny Baker. This edition explores decision-making dynamics, coaching strategies for rookies and veterans, and the journey to authentic leadership. Join us to equip yourself with insights from Jonny Baker, fostering vision, alignment, and execution in your leadership role.

The journey to 2025 tax reform begins

House Ways & Means Committee Chairman Jason Smith (R-MO) and House Tax Subcommittee Chairman Mike Kelly (R-PA) recently announced the formation of 10 “Committee Tax Teams”. Each team will address key tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA) that are set to expire in 2025 and identify legislative solutions.