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Understanding the Recent Changes to the Employee Retention Credit (ERC)
The Employee Retention Credit (ERC) has been a significant topic of discussion in the financial community in recent months. The Internal Revenue Service (IRS) recently spotlighted a concerning trend of aggressive promotion and scams connected with the credit. Unfortunately, many well-intentioned businesses have fallen victim to such "ERC mills," resulting in a web of inaccuracies and potential penalties. What has the IRS Done? The IRS is offering a lifeline to businesses. They're granting employers an avenue to rescind any inaccurate claims for the ERC, especially if they've been ensnared by the misleading promises of these "ERC mills." Notably, the IRS...
Maryland Society of Accounting and Tax Professionals Champions Taxpayer Advocacy at Governor Wes Moore’s Bill Signing Event
The Maryland Society of Accounting and Tax Professionals (MSATP) has long been a stalwart advocate for the accounting and tax profession in the state of Maryland. Recently, the society's Committee on Professional Regulation volunteers Betty Kohls Stehman and Jim Arnie and executive director, Giavante’ Hawkins had the honor of attending Governor Wes Moore's bill signing ceremony for Senate Bill 660. This pivotal legislation establishes the Taxpayer Advocate Division within the Comptroller's office, marking a significant milestone in Maryland's commitment to protecting taxpayers' rights. The event served as a testament to MSATP's dedication to advocating for the profession and its clients....