Restart of IRS Collection Notices in 2024 – The IRS will resume issuing collection notices for 2020 and 2021 beginning in January. Eligible taxpayers will also receive automatic abatement of any failure-to-pay penalties. Notice 2024-07 provides automatic relief to eligible taxpayers from the additions to tax for the failure to pay with respect to certain income tax returns for 2020 and 2021.
For eligible taxpayers, these additions to tax will be waived or, to the extent previously assessed or paid, will be abated, refunded, or credited to other outstanding tax liabilities, as appropriate, for the relief period, which begins on the date the IRS issued an initial balance due notice or February 5, 2022, whichever is later, and ends on March 31, 2024. Read more here.
New IRS Voluntary Disclosure Program Lets Employers Who Received Questionable Employee Retention Credits Pay Back at Discounted Rate – As part of an ongoing initiative aimed at combating dubious Employee Retention Credit (ERC) claims, the Internal Revenue Service has launched a new Voluntary Disclosure Program to help businesses who want to pay back the money they received after filing ERC claims in error.
The new disclosure program, which has been in the works for several months, is part of a larger effort at the IRS to stop aggressive marketing around ERC that misled some employers into filing claims. The special disclosure program runs through March 22, 2024, and the IRS added provisions allowing repayment of 80% of the claim received. Read more here
Open Storefronts – New York City’s Open Storefronts Program has expired and is no longer in effect. Any businesses that participated in the program are required to abide by all City laws and rules related to the use of sidewalks and public streets. There are alternatives to activating public space, and the Department of Small Business Services is available to answer any questions regarding the City’s laws and regulations at 888-SBS-4NYC.