Static overlay
Maine Association
of Professional Accountants
Maine Association of Professional Accountants
Static overlay
Maine Association
of Professional Accountants
Maine Association of Professional Accountants
previous arrow
next arrow

MAPA News

2021 Newsletter Page 12021 Newsletter Page 22021 Newsletter Page 32021 Newsletter Page 4

IRS announces withdrawal process for Employee Retention Credit claims; special initiative aimed at helping businesses concerned about an ineligible claim amid aggressive marketing, scams

IR-2023-193, Oct. 19, 2023

WASHINGTON — As part of a larger effort to protect small businesses and organizations from scams, the Internal Revenue Service today announced the details of a special withdrawal process to help those who filed an Employee Retention Credit (ERC) claim and are concerned about its accuracy.

This new withdrawal option allows certain employers that filed an ERC claim but have not yet received a refund to withdraw their submission and avoid future repayment, interest and penalties. Employers that submitted an ERC claim that's still being processed can withdraw their claim and avoid the possibility of getting a refund for which they're ineligible.

The IRS created the withdrawal option to help small business owners and others who were pressured or misled by ERC marketers or promoters into filing ineligible claims. Claims that are withdrawn will be treated as if they were never filed. The IRS will not impose penalties or interest.

Read More

401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000

IR-2023-203, Nov. 1, 2023

WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023.

The IRS today also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2024 in Notice 2023-75.

Highlights of changes for 2024

Read More

Member Login

Contact Us

Phone: (207) 892-2234
Fax: (207) 892-2235
 
Email:

 Mailing Address:
452 Roosevelt Trail
Windham, Maine 04062