Tax & Accounting News

TaxBuzz Top 5 - IRS Waiving $1 Billion In Penalties, GM to Temporarily Lose EV Credit Eligibility, & More

12/22/2023

Each Friday, TaxBuzz brings you the top five tax and accounting headlines you need to know from the workweek. We know life can get busy and you don't always have time to scroll through your news feed to stay informed.

We weed through all of the week's stories to showcase the most important updates in the tax and accounting world.

1. IRS Launches Voluntary Disclosure Program For Mistakenly Claimed Pandemic Tax Credits

Credit: Zach Gibson/Stringer/Getty Images

The IRS has launched a "voluntary disclosure program" in response to a surge in erroneous claims for the Employee Retention Tax Credit (ERTC). This limited-time initiative, detailed by CNBC, allows businesses to rectify mistakes by repaying credits at a 20% discount for third-party promoter fees, with a crucial deadline of March 22, 2024.

Applying for the program involves filing Form 15435, which can be submitted through the IRS's document upload tool.

The ERTC, initially designed to aid pandemic-affected small businesses, has faced misleading promotions, leading to over 20,000 rejection letters being issued. The voluntary disclosure program targets businesses that received the credit but haven't heard from the IRS, emphasizing proactive participation to rectify claims and avoid potential enforcement actions.

The IRS stopped accepting new applications for the program in September 2023.

2. IRS to Waive $1 Billion In Penalties For 2020 and 2021 Back Taxes

The IRS has announced a significant relief measure, exempting penalty fees for individuals and businesses with back taxes totaling under $100,000 for the pandemic-era years of 2020 and 2021. Approximately five million eligible taxpayers, the majority of whom earn under $400,000 annually, stand to benefit from this $1 billion relief initiative that is set to take effect this week. The decision stems from the temporary suspension of automated tax reminders during the pandemic, marking a one-time exception.

The Associated Press reports that IRS Commissioner Daniel Werfel emphasized the automatic nature of this relief, stating, "People need to know the IRS is on their side."

Taxpayers who filed specific tax returns, owe less than $100,000 in back taxes per year, and received an initial balance-due notice between February 5, 2022, and December 7, 2023, will automatically receive this relief. While the IRS intends to resume normal collection notices, this relief is a response to the unique challenges posed by the COVID-19 pandemic.

3. Colorado Taxpayers Set to Receive $800 State Tax Refunds

Credit: Anita Warren-Hampson/Getty Images

Colorado taxpayers are set to receive an additional $800 each on their state income tax returns next year, totaling a refund of nearly $3.7 billion in over-collected revenue. This refund results from revenue exceeding the cap established by the Taxpayer’s Bill of Rights (TABOR). Unlike last year when checks were mailed, this refund will be incorporated into tax filings as increased refunds or reduced tax bills.

The $800 per taxpayer is slightly lower than anticipated due to legislation passed during a special session in November. While typically, TABOR rebates vary based on income, the flat refunds will benefit lower-income households more significantly.

Per a Denver Post report, lawmakers also increased the Earned Income Tax Credit during the special session, diverting about $182.5 million from TABOR refunds to support it. State economists predict ongoing TABOR refunds for several fiscal years, with varying surplus estimates based on the TABOR revenue cap formula.

4. Pennsylvania County Raises Property Taxes By 32%

Westmoreland County, Pennsylvania commissioners have unanimously passed a property tax increase, acknowledging its impact on residents, especially seniors and those on fixed incomes. The two millage increases, totaling nearly seven mills, represent a 32% rise in tax rates.

The approved millage increases, totaling almost seven mills, represent a 32% rise in tax rates. Per CBS News Pittsburgh, Commissioner Sean Kertes empathized, stating, "This is not a vote we wanted to do, but what we had to do to provide the services needed for Westmoreland County."

The county had a population of approximately 330,000 at the time of the last U.S. Census.

The average homeowner in Westmoreland County can expect to pay an extra $10.55 monthly, totaling $126.61 annually. The increase, effective January 1, 2024, aims to sustain vital services in the face of challenges like high inflation. The county's last significant tax increase came in 2005.

5. GM Anticipates Temporary EV Credit Ineligibility Due to New Guidelines

GettyImages-57321079_resized_general-motors

Credit: Glowimages/Getty Images

General Motors (GM) anticipates the temporary ineligibility of its Cadillac Lyriq and Chevrolet Blazer EV for the U.S. electric vehicle tax credit beginning January 1, 2024. Citing minor component issues, GM expects both models to regain eligibility in the first half of 2024 after advancing sourcing plans.

Reuters reports that the U.S. Treasury's new battery sourcing restrictions, effective Jan. 1, aim to encourage local EV supply chains, impacting eligibility for many EVs. GM notes Treasury's strict rules, disqualifying most EVs, effective January 1.

Meanwhile, according to the New York Times, the Biden administration has unveiled its plan for tax breaks on hydrogen production, favoring stringent rules to ensure emissions reduction, which could also potentially impact some vehicle manufacturers. Critics argue the rules may hinder early hydrogen projects.

Which headline this week most interests you?

Feature Image Credit: Walter Bibikow/Getty Images

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Limitation of Liability:

TaxBuzz Ai is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz Ai should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz Ai, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz Ai. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the Ai-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz Ai is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz Ai provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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