The Internal Revenue Service (IRS) may send taxpayers a correspondence requesting clarification or additional information. Taxpayers who respond to these notices may find themselves waiting weeks or months for a response. Taxpayers often wonder if this lag in response...
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Month: February 2022
If the IRS already has our data, why file taxes? What happens if I stop?
The feds get a copy of our tax forms, and financial institutions share information. This leads many to wonder why we need to file tax returns in the first place. Critics argue that the current tax return system is not necessary, but the result of commercial tax...
What is the Employee Retention Credit?
The Employee Retention Credit (ERTC/ERC) is a fully refundable Internal Revenue Service (IRS) payroll tax credit. The IRS urges employers to take advantage of this credit to help keep employees on the payroll as they try to keep their doors open during the pandemic....