Overwhelmed by the constant stream of regulatory updates that may affect your business? With everything always in flux, you’re under pressure to stay compliant. Access the latest key updates in one place, so you can navigate change effectively and keep up with regulations that impact your industry.
The widespread impact of Hurricane Milton in Florida has triggered IRS disaster relief efforts, meaning you will have more time to file your returns and pay taxes if you are in an affected area.
For individual and business taxpayers in one of the 51 affected counties in Florida, you now have until May 1, 2025, to file your federal individual and business tax returns and make tax payments.
The IRS is also providing penalty relief for businesses that make payroll and excise tax deposits. Each state has specific relief periods; visit the IRS’ Around the Nation page for detailed information.
The widespread impact of Hurricane Helene in the Southeast and August storms in Connecticut and New York have triggered IRS disaster relief efforts, meaning you will have more time to file your returns and pay taxes if you are located in an affected area.
For individual and business taxpayers in Alabama, Georgia, North Carolina, South Carolina, and some parts of Tennessee, Virginia and Florida, you now have until May 1, 2025, to file your federal individual tax and business tax returns and make tax payments.
For individual and business taxpayers in Suffolk County (New York) and Fairfield, Litchfield and New Haven counties (Connecticut) affected by the August 18 storms, mudslides and flooding, you now have until February 3, 2025, to file your federal individual and business tax returns and make tax payments.
The IRS is also providing penalty relief for businesses that make payroll and excise tax deposits. Each state has specific relief periods; visit the IRS’ Around the Nation page for detailed information.
The IRS has opened a second Employee Retention Credit (ERC) Voluntary Disclosure Program for a limited time and is allowing businesses that received ERC refunds for 2021 tax periods and are not currently under investigation to return a portion of the refunds and avoid penalties.
Due to the COVID-19 pandemic emergency, the Internal Revenue Service (IRS) postponed the three-year window for 2020 unfiled returns. The IRS recently announced there is an astounding $1 billion in unclaimed refunds still available for taxpayers who have not filed their 2020 tax returns. The deadline for filing 2020 returns is May 17, 2024.
The IRS’s ERC Voluntary Disclosure Program (VDP), which allowed employers who received invalid ERC claim refunds to repay a percentage of the Employer Retention Credit (ERC), ended on March 22. The IRS said it may reopen the VDP at a future date. However, the end of the program did not end IRS ERC claim reviews and audits.
If you are an employer who has not yet received your ERC refund and you determine that one or more of your quarters were invalid claims, you can still withdraw your refund claim without penalty.
Although the Securities and Exchange Commission (SEC) has been providing investors with financially material information about the environmental risks faced by public companies since the 1970s, a heightened awareness of accelerating climate risk in recent years has prompted the agency to provide its first official guidance on the topic in more than a decade. In March 2024 the agency adopted new rules for climate reporting.
The new rules require publicly traded companies to not only measure and report their annual greenhouse gas emissions but also to identify and describe their climate plans. The largest companies will likely have to begin reporting their climate risk data in 2025 and provide emissions data in the following year with the phase in of a “limited assurance audit” in 2029.
The Internal Revenue Service is rolling out a landmark non-filer initiative aimed at high-income taxpayers who haven’t filed their federal individual income tax returns since 2017. The IRS is mailing more than 125,000 CP-59 Notices (letters noting failure to file a tax return) to taxpayers with income of at least $400,000 in any year, starting with 2017. The mailings include more than 25,000 notices to taxpayers with more than $1 million in income and more than 100,000 notices to those with incomes of $400,000 to $1 million.
Taxpayers receiving notices should act swiftly to stop further accrued interest and penalties for non-filing. Penalties begin at 5% of the tax owed each month and can top out at 25% of the entire tax owed. Not responding will result in additional notices from the IRS and more severe enforcement procedures, including liens, audits and criminal prosecution.
Get the practical guidance and clarity you need to protect your organization. Learn how our regulatory compliance consultants can help you stay compliant, avoid pitfalls and capture the potential benefits of regulatory change.
Has growth or regulatory change increased your compliance risk? Put your mind (and board) at ease.