“Going back to the beginning, we knew pretty early on that there was going to be problems with the ERC,” Stohler said. “We knew because of the way that PEOs file taxes on behalf of small-business clients.”
“We started reaching out to the [IRS] in 2020 on this. We’ve sent four letters to them. We’ve talked to a lot of folks on Capitol Hill. It's [described] to us as a processing problem since they don’t have the bodies,” Stohler said.What is the Employee Retention Credit? based on wages for business owners to retain staff during the Covid-19 pandemic. It was set at 50% of up to $10,000 in qualifying wages per employee for the last three quarters of 2020.
“It's just causing a pileup due to the way we file. It's just been taking forever with these things to clear through. They have told us we are not being treated differently than any other filer,” Stohler said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ERC can be a windfall for businesses — but some are hitting a roadblock with the IRS - Dallas Business JournalSome small businesses are hitting a significant road block when trying to claim the ERC. Here's what you need to know.
Source: DallasBizNews - 🏆 525. / 51 Read more »
Neighbors feud with Elon Musk's companies in Bastrop Co., east of Austin - Dallas Business JournalLongtime neighbors have described living next to companies founded by Elon Musk as something of a nightmare. They lament disruptions to precious ecological systems in what is still a rural pocket of the Austin metro, as well as a lack of transparency and perceived lies from the company. With Musk's business empire increasingly running through Central Texas, these disputes could shape how the billionaire is perceived in the region.
Source: DallasBizNews - 🏆 525. / 51 Read more »
Texas Capital creates new charitable foundation to expand philanthropic efforts - Dallas Business JournalThe Texas Capital Bank Foundation will double the finance company's commitment to community through grants and awards.
Source: DallasBizNews - 🏆 525. / 51 Read more »
On Dec. 13, economic picture gets a little clearer for all businesses - Dallas Business JournalAs 2022 draws to a close, things on the inflation front have started to look a little better, offering hope for the U.S. consumer watching the money they saved in the past two years dwindling fast. That's why Dec. 13 becomes important.
Source: DallasBizNews - 🏆 525. / 51 Read more »
Outside Voices: Preparing for inflection points in your business - Jacksonville Business JournalAs year changes, think of what changes might be on the horizon for your business.
Source: JaxBizJournal - 🏆 599. / 51 Read more »
ERC can be a windfall for businesses — but some are hitting a roadblock with the IRS - Phoenix Business JournalSome small businesses are hitting a significant road block when trying to claim the ERC. Here's what you need to know.
Source: phxbizjournal - 🏆 254. / 63 Read more »