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Kevin Lamarque | ReutersAs the IRS pauses on processing new claims for a pandemic-era small business tax break, some filers are in limbo as the agency works on further guidance. The IRS on Thursday temporarily halted processing for amended payroll tax returns claiming the so-called employee retention tax credit, or ERC, which was enacted during the Covid-19 pandemic. More from Personal Finance:IRS halts processing of a small business tax breakDoes your business qualify for the employee retention credit? If you claimed the credit and are worried about eligibility, it's an excellent time to review your filing with a qualified tax professional, she said. My blanket advice is always to talk to a qualified tax professional who has filed [ERC claims] before.
Persons: Daniel Werfel, Kevin Lamarque, Danny Werfel, Jennifer Rohen, Craig Hausz, Hausz, There's Organizations: Reuters, IRS, ERC, Finance, CMH, CMH Advisors Locations: Worth, Dallas
Small businesses are facing an onslaught of ads, phone calls and emails to help them claim a pandemic-era tax credit. The tax break — known as the employee retention credit, or ERC — was enacted in 2020 to support small businesses during the Covid-19 pandemic, worth up to $5,000 per employee for 2020 or $28,000 per employee in 2021. While the credit applies to tax year 2020 or 2021, business owners still have time to amend returns and claim the credit, which has sparked a flood of ads from companies offering to help. While Hausz's company has completed at least 100 amended filings for clients to claim the employee retention credit, it has also informed clients when they don't qualify. "ERC mills" have popped up, charging small businesses up to 25% to 30% of the credit received, said Kristin Esposito, director for tax policy and advocacy for the American Institute of CPAs.
Persons: Craig Hausz, Kristin Esposito Organizations: ERC —, Finance, CMH Advisors, ERC, American Institute of CPAs Locations: Dallas
Going to the airport is often a daunting task. Between long security lines and the crowds in the terminal, giving yourself enough time to make it to your gate is essential. In a 2022 study, the travel experts at Upgraded Points analyzed 15 factors at 50 major U.S. airports to find the ones where it's most important for passengers to arrive early for domestic flights. number of enplanementsnumber of passengersairport sizeaverage TSA wait timenumber of terminalsnumber of gatesnumber of airport employeesnumber of airport loungesnumber of restaurants/barsnumber of shopsnumber of parking lots/deckspercentage of on-time departurespercentage of delayed departurescar traffic volumecar traffic indexThe study found that the airports where passengers need the most time before boarding are Chicago O'Hare International Airport (ORD), Los Angeles International Airport (LAX), and John F. Kennedy International Airport (JFK). The airport where passengers don't need to arrive as early and ranked at the bottom of the list was John Glenn Columbus International Airport (CMH) in Columbus, Ohio.
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