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Taxes, ERC, Economy, and More

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Employee Retention Credit, aka Employee Refund, aka Employer Refund, aka CARES Act refund, aka ERC, and MORE akas:

We have communicated this many times but we still get questions about this! PLEASE, please do not fall for these scams. There are a lot of scammers and unscrupulous companies out there advertising, calling, emailing, about this. For many of you, we have already looked at your eligibility. 

If we filed for the Employer Retention Credit for you then you were eligible, if not, you were not eligible. Individuals are not eligible. Many companies out there are preparing them regardless of proper eligibility. If you have them file for the credit you will be the one who pays the price. 
The IO has said they now believe over $200 billion in Pandemic relief was filed and distributed fraudulently. Tens of thousands of fraud investigations have been opened up. The IRS has also set up a huge investigation unit. MAKE NO MISTAKE, THEY ARE GOING TO LOOK AT THESE CLAIMS. It may take them a decade. They are even going to Congress requesting the statute of limitations be extended by ten years!

Government Letters:

Or what may appear to be a government letters. As we’ve communicated before, when it comes to taxes, anytime you receive a letter or notice from the government, call us, text us, or email us a copy. We say this for two reasons: 

1. If it’s truly from the government, it needs to be addressed within a specific time limit.

More often than not they are from unscrupulous companies that send out letters that look very official and ask for money. Many people think it is the government so they comply and send payments not knowing that they were just scammed.

2. Many letters are not from the government. 

How do you know it’s not from the government?

1. All government websites end with “.gov”, never “.com”

2. Somewhere on the letter is a sentence or phrase that says something like “This

is not a government agency or entity.” It is hidden or tucked in so it is hard to see or is easily overlooked. This is how they get away with it and don’t get hauled into court.

3. Most government agencies do not use a 1-800 number.

4. They ask you to pay only by check or credit card but the payee is not a government office such as “Treasury, Comptroller or State Tax office.”

When you get any letter from the government, or looks like government, call – text –

email it to us immediately for clarity & certainty moving forward.

Economy:

We have all seen and felt the economy slowing down. We have said it is going to continue to do so and soon (we project) it will drop fast. No it will not be a crash, but more of a quick slowdown that will seem like a stop, a pause. 

How long that pause will be, we are not sure. People are spending less, they have less, and they now have to make tough decisions on where to spend. That all said, we don’t think everything is all doom and gloom. Yes, we are in for a rough ride. We don’t know how long of a rough ride, we wish we did. But we say this so that you are prepared. You can get through the tough times if you are prepared. 

There are many ways to do this (personally and through business):

  1. Have an emergency fund set aside.
  2. Have a contingency play for the slow down. When business is not as usual, you cannot run business as usual.
  3. Focus on high profit items, eliminate lower profit items.
  4. If you want to talk more about this we are willing to discuss it with you in person or on the phone.

Sales Tax Solutions and Consulting has over 22 years of experience in the sales tax field, and has helped its clients save millions of dollars in audit assessments. In addition, we’ve helped businesses by recovering millions of dollars in over payed taxes.

We regularly conduct sales tax training, seminars and workshops. These workshops focus on specific types of businesses or individuals within an organization, in order to present the most specific, relevant, and useful content possible. We can also put together a custom training class specifically for your company and industry either at your office or our training location.