Nicholas Pantaleo, CPA

Husband and father to 2 crazy kids. CPA, Controller at Tri-Merit. #Disney and #Marvel fan. #TaxTwitter

[Nicholas Pantaleo, CPA @NickPan31]

@jckristoff @danchodan @kylejohnsoncpa Yes, this is now fixed, our team was on the phone with IRS when it went back up, glad to see it!

[Nicholas Pantaleo, CPA @NickPan31]

@danchodan @kylejohnsoncpa I replied to their main post with a screenshot of the page and we have our team trying to get answers on the phone or alternative solutions, I'll let you know if we have any luck. We had 1 last client left, of course.

[Nicholas Pantaleo, CPA @NickPan31]

@IRSnews Your webpage for submitting the ERC VDP applications as of today no longer lists the forms for the VDP if you type "15434" per instructions, is this going to be fixed for us to be able to submit client forms today or submit another way?

[Nicholas Pantaleo, CPA @NickPan31]

@MikeSyl36625988 We offer free CPE each month with a webinar and also run the Bridging The Gap conference with a focus on some topics you mentioned in comments. Can find information on both on our website https://t.co/77DQ2HTcEe.

[Dan Chodan @danchodan]

The IRS has denied ERC claims of $2.6M for a California urgent care center coving all six possible quarters. The rationale for the denial appears in a new court filing.

We also receive a bonus ERC denial document for a separate business - and it's a long-expected APA lawsuit.

[Nicholas Pantaleo, CPA @NickPan31]

The moratorium on ERC is live from the IRS, and if you read closely, a claim may not be as simple as filing a 941-X moving forward. This would be a welcome change and put an immediate stop to the fraud if required on every filing. @danchodan thoughts? #ERC

[Nicholas Pantaleo, CPA @NickPan31]

@danchodan This! We still see them, had a client call yesterday with a 29% drop Q4 2020 which qualified them Q1 2021 with alternate quarter rule, they had no idea. Please don’t write off ERC in full as a scam because of the bad actors out there.

[Nicholas Pantaleo, CPA @NickPan31]

@danchodan Have to imagine they will put an early stop to 2021 at least. I wouldn’t be shocked to see April 15, 2024 deadline for both years come to fruition.

[Nicholas Pantaleo, CPA @NickPan31]

@LorilynWilson Ramp has been great for us.

[Nicholas Pantaleo, CPA @NickPan31]

@danchodan Confirms exactly what we thought in conversations. This is less of a memo and more of a warning I’d say given it’s prevalent use among mills.

[Nicholas Pantaleo, CPA @NickPan31]

@bhallcpa We’re on our way to Disney now, definitely agree with all your points. There’s no place that entertains kids like Disney.

[Nicholas Pantaleo, CPA @NickPan31]

@danchodan The amount of times we’ve had to answer the question “well how come they told me I qualify for all 6 quarters, but you say I don’t at all?” I think is enough to say this is fraud…

[Jason Staats⚡ @jasononfirms]

For tax pros, what happened yesterday may be the most significant profession-shifting event in decades

OpenAI created a wave that is bigger than any of us, whether we agree with it or not

Some thoughts on how best to navigate the coming months 👇

[Dan Chodan @danchodan]

The first ERC fraud indictment was just issued from a grand jury on Feb 1st.

But don’t start celebrating yet. These were not the folks calling about your $26k per employee. This scheme was over before most “ERC mills” even began.

No, this thread is about owner wage fraud. 1/

[Randy Crabtree, CPA @RCrabtreeCPA]

I had @danchodan @RavenousTiger and @NickPan31 join me on the latest episode of @TheUniqueCPA podcast to try and help dig through the weeds of all the misinformation and craziness out there on ERC. https://t.co/imQBdgEFCI
#TaxTwitter

[Nicholas Pantaleo, CPA @NickPan31]

@danchodan @WithumCPA Did you see that ERC commercial that aired on Monday Night Football? It was everything you’d think it would be. Just the beginning of the fallout I’d guess.

[Dan Chodan @danchodan]

🚨 IRS is pulling 90% of exam staff to focus on audits of the Employee Retention Credit. 🚨

The pilot program took place in Jul/Aug resulting in big dollars assessed. Now workloads have already been assigned and await agent training to be completed in Oct/Nov.

It's happening.

[Nicholas Pantaleo, CPA @NickPan31]

Live podcast broadcast for the Unique CPA going on now. #taxtwitter https://t.co/M62E6ly7GH

[Randy Crabtree, CPA @RCrabtreeCPA]

If you can’t be with us at The Beer Temple tonight, grab a drink and join us live on YouTube. Based on the pregame party last night, tonight should be a lot of fun. @AllanDKoltin @dawnbrolin @scottscarano @TheTechCPA @BlakeTOliver @kenjikuramoto @lancejd1

[Nicholas Pantaleo, CPA @NickPan31]

@danchodan We received a voicemail yesterday that they “have determined we now qualify and will mark in our file pending status as they have the calculations ready to go at $26,000 per employee”. Good research on their part I guess 🤷🏻‍♂️ 😂