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1 min read

Small Business Groups Lobby to Extend Cut-Off of ERTC Claims

By NAIFA on 2/15/24 12:14 PM

A coalition of small business groups is urging Congress to extend by 90 days the proposed cut-off of employee retention tax credit (ERTC) claims. The Coalition to Preserve American Jobs is arguing that cutting off claims on January 31 would be “slamming the door on many eligible small business owners” right as the tax filing season begins.

Topics: Legislation & Regulations Small Business Congress
2 min read

U.S. House Introduces Prove it Act

By NAIFA on 2/15/24 10:07 AM

On February 1, 2024, Representative Brad Finstad (R-MN) introduced the bipartisan Prove it Act in the U.S. House of Representatives. Senate Small Business and Entrepreneurship Committee Ranking Member Joni Ernst introduced the companion legislation last year. The Prove It Act aims to give small businesses a seat at the table during the regulatory process and aims to limit the regulatory burden on small businesses.

Topics: Legislation & Regulations Small Business Congress
1 min read

IRS Issues Final Rules on Repayment of Excess Employment Tax Credits

By NAIFA on 8/14/23 3:00 PM

On July 24, the Internal Revenue Service (IRS) issued a final rule concerning required repayment of overpaid employment tax credits. Generally, the final rule will treat amounts paid by the government that were in excess of the correct amount as amounts that must be repaid as late payments of taxes due, subject to the usual interest and penalties rules.

Topics: Small Business Taxes IRS