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Eric Hylton - 1 I'm - 1 Hylton - 1 you've - 1 there's - 1 It's - 1 Dean Zerbe - 1 Zerbe - 1
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☆ What to know as IRS kicks off withdrawal option for pandemic-era small business tax credit
  + stars: | 2023-10-23 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
The Good Brigade | Digitalvision | Getty ImagesThe IRS has announced a special withdrawal process for small businesses that wrongly claimed a pandemic-era tax break — and experts have tips for those who may be affected. Worth thousands per eligible employee, the ERC attracted a cottage industry of companies pressuring small businesses to amend payroll tax returns and wrongly claim the credit. The IRS on Thursday unveiled a withdrawal option for small businesses with pending ERC claims before facing repayment, interest and penalties. "This is a game-changer," said Eric Hylton, national director of compliance for Alliantgroup, a firm that has been reviewing ERC claims for other tax professionals. As of Oct. 11, the agency estimated a backlog of 849,000 Forms 941-X, which includes ERC claims.
Persons: Eric Hylton, I'm, Hylton, you've, there's, It's, Dean Zerbe, Zerbe Organizations: Brigade, IRS, ERC, Alliantgroup Locations: Worth, It's
☆ Premarket stocks: What happens if the debt ceiling and banking crisis collide?
  + stars: | 2023-05-15 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
New York CNN —President Joe Biden said over the weekend that debt ceiling negotiations were moving along and that talks between the White House and House Speaker Kevin McCarthy would resume on Tuesday. It may become more difficult to access credit, further exacerbating the challenges individuals and companies are already facing because of the banking crisis. Before the Bell: What do the ongoing debt ceiling negotiations mean to small and medium businesses? Do you think bank executives and members of the business community can put pressure on Congress and the White House to come to a deal? The White House has estimated more than 8 million jobs would get wiped out if there is a protracted default.
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