When facing a tax debt, it’s important to explore all available options to resolve the issue. The first step: Don’t panic! Looking into different resolution options to determine which one would be the best fit for your specific situation is essential. Depending on the situation, you might be able to qualify for one of the following tax resolution options.
During a mandatory review of an IRS storage facility in Ogden, Utah, the IRS personnel were unable to locate as many as 168 microfilm backup cartridges, which are used to store old tax records. Each microfilm cartridge holds up to 2,000 photographic images, leaving thousands of tax records unaccounted for. Not to mention, the other microfilm cartridges containing millions of individual and business tax records for fiscal year 2010 that have also been reported missing. Those of which were supposed to be shipped from Fresno, California to Kansas City, Missouri when the Fresno facility shut down in 2021.
If you were to do a quick internet search on the Employee Retention Credit you might find yourself with more questions than answers. Trying to navigate all the changes, eligibility criteria, and how this credit affects small business can feel overwhelming! So, let’s talk about everything you need to know about the Employee Retention Credit (ERC), also known as the Employee Retention Tax Credit (ERTC).