The IRS has heightened its review of employers and their claims for the Employee Retention Tax Credit (ERTC), so at the lawyers from Terrence A. Grady & Associates want to share some information you need to know about the ERTC for your business in Columbus, OH or anywhere else in the United States.
Tax & Business Planning
At Terrence A. Grady and Associates, we provide legal services for individuals, businesses, and more in Columbus, OH, including for those being audited by the IRS. Over the past few years, the IRS has hired hundreds of new Revenue Agents tasked with increasing the number of IRS audits. The IRS views enforcement of tax law to be the key component of the United States tax system.
At Terrence A. Grady & Associates, our knowledgeable lawyers offer the best guidance possible to our clients in Columbus and other Ohio communities, including when it comes to tax scams and schemes you need to avoid. Sadly, tax scams and schemes are always evolving, affecting Ohio taxpayers, businesses, and tax professionals alike.
Here is a quick update you on some of the applicable tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law on March 27, 2020.
Recovery rebates for individuals. The CARES Act provides for the government to send up to $1,200 payments to eligible taxpayers and $2,400 for married couples filing joints returns.
In response to the growing impact that COVID-19 is having on our daily lives and economy, the IRS released its People First Initiative. This Initiative was released on March 25, 2020, and includes many taxpayer friendly provisions. As explained by the Tax Commissioner, this Initiative was designed to “provide immediate relief to help people facing uncertainty over taxes.”
The IRS Taxpayer Advocate’s office released the Taxpayer Roadmap (TAS_Roadmap) that provides a very visual illustration of the many stages of interactions with the IRS. This roadmap details the process of filing and processing a tax return. The IRS audit process and the Taxpayer’s ability to contest and review IRS audit examinations and changes.