COVID

ERC application stamped with On Hold

Up to 90% of ERC Claims Are Potentially Fraudulent Forcing IRS to Extend Freeze

Bailey Scarano Blog, Tax & Money Tips / By

Originally part of the 2020 pandemic relief efforts, the ERC was meant to alleviate financial pressures for businesses by subsidizing wages up to $26,000 per employee for retained workers during COVID-19 related downturns. Despite the program’s intent to distribute $55 billion over 10 years, the IRS discovered widespread abuse, leading to an unplanned payout of […]

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Amounts Paid for COVID-19 PPE Are Deductible Medical Expenses

Bailey Scarano Blog, Tax & Money Tips / By

The IRS recently issued guidance clarifying that amounts paid for personal protective equipment (PPE)—such as masks, hand sanitizer and sanitizing wipes—for the primary purpose of preventing the spread of the COVID-19 are treated as amounts paid for medical care under Code Sec. 213(d).   This means that anything you as an individual taxpayer spent for COVID-19

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