The MendenFreiman Advisor – Spring 2022 Issue
Click here to read our Spring newsletter.
Included in this issue:
Understanding the Employee Retention Credit for 2020 and 2021
For small businesses that faced challenges due to the COVID-19 pandemic, the Employee Retention Credit (ERC), which was originally established under the CARES Act and then extended for 2021 under the American Rescue Plan, can offer significant benefits.
In our first article, we will explain how the ERC works, eligibility requirements, and provide more information to help you better understand if the ERC is right for your business.
Tax Season 2022: Do Not Let the IRS Backlogs Delay Your Refund
The 2022 tax season is officially open, and the Internal Revenue Service (IRS) is currently accepting both electronic and paper-filed individual income tax returns for the 2021 tax year. As Americans strive to move forward and put the COVID-19 pandemic behind them, IRS backlogs are one pandemic by-product we do not expect to be resolved any time soon — as detailed in the most recent Taxpayer Advocate Service’s annual report to Congress.
Our second article provides recommendations for expediting the processing of your 2021 tax returns and a few pitfalls to avoid.
Be sure to contact us if you have any questions regarding your tax planning.