Propono Tax Blog
Your Go-To Resource For All Things Tax
When we’re not busy resolving tax problems, we’re tirelessly learning everything we can about tax resolution. From the latest tax news, tips, to how-to’s, we’ve got all the resources you need to support you during your tax troubles.
Navigating the Employee Retention Credit (ERC) Minefield
In 2020, as a part of the CARES Act, the U.S. government introduced the Employee Retention Credit (ERC), a vital tax relief measure to counter the economic impact of the COVID-19 pandemic. Aimed at supporting businesses that kept paying their employees during this challenging period, the ERC…
Divorce and Taxes
Divorce is sticky and never fun. In a complex Virginia divorce case, a stay-at-home mother faced the daunting challenge of understanding her husband's business finances. Without this knowledge, she was at a clear disadvantage. To remedy this, she sought the expertise of Cheryl B. Hyder, a forensic…
Understanding the Tax Implications of Debt Settlement
During challenging economic times, debt settlement emerges as a strategic option for reducing debt through negotiations with creditors. This approach typically involves discussions with entities such as credit card companies or providers of personal loans to agree on a lower repayment amount.…
IRS Introduces Relief Option for Employers Affected by ERC Scams
The Internal Revenue Service (IRS) has rolled out a lifeline for employers who have unwittingly fallen victim to scams associated with the Employee Retention Credit (ERC). This move follows the IRS's temporary suspension of new ERC claim processing due to a substantial increase in submissions,…
IRS Grants Extension to Taxpayers Affected by Hurricane Lee in Maine and Massachusetts
Hurricane Lee, a significant event during the 2023 Atlantic hurricane season, left its mark on the northeastern United States earlier this year. In response, the IRS has introduced tax relief measures for both individuals and businesses impacted by the storm in Maine and Massachusetts. These…