Dates to Remember
Monday, October 16, 2023, is the final due date to file your 2022 Federal, Pennsylvania and Local individual income tax returns for those who received an automatic six-month extension.
Tuesday, October 31, 2023, is the due date to file third quarter 2023 payroll tax returns.
On Thursday, October 26, 2023, we will be celebrating our 50th Anniversary with a celebration at our office from 2:00 PM – 6:00 PM.
Check your email and/or US mail for the invitation to join us for this Golden Event.
If you have any questions, please contact Erin Walters via email: ewalters@bsccpas.com.
New Member to the BSC Family
We are happy to announce that on Saturday, September 23, 2023, Emma Grace Ralston was born to proud parents Steve & Brianna Ralston. Weighing in at 6 lbs. and measuring 19 inches in length, both Emma and her parents are doing well. Brianna, who is a CPA and joined the firm in 2017, is one of our supervisors who works in the A&A and tax Departments. Congratulations!
Red flags for Employee Retention Credit Claims
The Internal Revenue Service continues to warn businesses to watch out for aggressive marketing by nefarious actors involving the Employee Retention Credit (ERC) and urged people to watch out for red flags that can signal trouble.
The credit, also called the Employee Retention Tax Credit or ERTC, is a legitimate pandemic-era tax credit but as time passes the credit has been increasingly the target of aggressive marketing to businesses that may not qualify for the credit.
Although promoters advertise that ERC submissions are "risk free," there are actually huge risks facing businesses as the IRS increases its audit and criminal investigation work. Hundreds of criminal cases are being worked, and thousands of ERC claims have been referred for audit.
The IRS reminds anyone who improperly claims the ERC that they must pay it back, possibly with penalties and interest. A business or tax-exempt group could find itself in a much worse cash position if it has to pay back the credit than if the credit was never claimed in the first place. This underscores the importance of taxpayers taking precautionary steps and avoiding being pushed by a promoter, including instances where a promoter can collect contingency fees as much as 25%.