2023 Marcum Year-End Tax Guide

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The IRS News Release does not dissuade eligible taxpayers from

filing for refunds. However, potentially eligible taxpayers who have not yet filed ERC refund claims may want to collaborate with their tax advisor to fully grasp the complex eligibility requirements. It is worth noting that the statute of limitations for refund claims generally expires on April 15, 2024, for 2020 refund claims and April 15, 2025, for 2021 refund claims. The statute of limitations for IRS enforcement generally follows the same timeline. However, as of the time of writing, the statute of limitations for the enforcement of 2020 claims expires on April 15, 2024, while claims for the first two quarters of 2021 expire on April 15, 2025, and claims for the third quarter of 2021 have been extended and now expire on April 15, 2027.

“Considering the fees being paid to some unscrupulous vendors to support the claim of up to 25%, a forced repayment of the ERTC to the IRS may put applicants in a perilous cash flow position.”

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