Did You Hear The One?

[BobKamman]

About the auctioneer with a high school diploma who became IRS commissioner?

[dkh]

Do we laugh or cry ?    

[BobKamman]

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@dkh wrote:

Do we laugh or cry ?    

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It's still a free country.  You can do both.  

[IRonMaN]

Did we run out of Fox employees already? 😜

[Taxes-by-Rocky]

I think it's just a front.  [Unless the job is just to fire people.]

I suspect you'll see the real nominee in the beginning of January.

[sjrcpa]

Dems Seek Information on IRS Pick's COVID Tax Credit Services

By Maureen Leddy, Checkpoint

Two members of the Senate's taxwriting committee are asking for more information about Employee Retention Credit (ERC) advisory services provided by former Representative Billy Long (R-MO) — President-elect Donald Trump's pick to head up the IRS.

Senate Finance Committee Chair Ron Wyden and fellow committee member Senator Catherine Cortez Masto (D-NV) asked tax advisory firms Lifetime Advisors and Commerce Terrace Consulting about Long's work for firm clients on ERC claims. Long allegedly was paid by both firms on a contingency basis after clients he referred to them received ERC refunds.

The letters to the tax advisory firms assert that Long lacks a background in tax preparation and "does not appear to be" a licensed accountant, attorney, or enrolled agent. Nevertheless, the lawmakers say, it appears that Long "would encourage clients to submit ERTC claims to the IRS even when certified professional accountants had advised that the clients were not eligible."

The lawmakers ask the firms for details on Long's activities related to the ERC claims. Among other things, they seek information on Long's compensation agreements and the specific services he provided related to ERC claims.

The letters also request information on the number of ERC claims submitted by the firms that are currently under audit, whether any refunds received have been disallowed or deemed improper, and whether any fees were returned to clients whose claims were disallowed.

ERC program. The ERC program was established to provide economic relief to employers impacted by the COVID-19 pandemic. The credit was made available to certain employers that paid qualified wages to employees after March 12, 2020, and before January 1, 2022.

Claims were initially due with 2021 tax filings, but the IRS has been flooded with Forms 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund, from employers seeking to retroactively claim the credit.

The IRS began a review of ERC claims after allegations surfaced that many claims are improper. Last year, the agency also temporarily placed a moratorium on processing newly filed claims. The IRS has urged businesses to resolve improper claims through Voluntary Disclosure Programs.

This August, the IRS said it had sent out 28,000 letters to businesses disallowing improper ERC claims — preventing up to $5 billion in improper payments.

Earlier reactions to Long's nomination. The probe into Long's involvement with ERC claims came after Wyden and others spoke out against his nomination earlier this month.

The IRS commissioner is typically considered an apolitical position — Trump-appointed former Commissioner Charles Rettig served a full five-year term that extended into the Biden administration. Many expected the same for current Commissioner Danny Werfel, who was confirmed to serve until November 2027.

Wyden called Long "a bizarre choice" for the commissioner role and said he'd "have a lot of questions" about Long's involvement with ERC claims.

© 2024 Thomson Reuters/Tax & Accounting. All Rights Reserved. 

[IRonMaN]

Please, someone tell me this whole thing is just the first episode of Trump's new Candid Camera show. 😬