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63. Which of the following statements is correct about the ERC that some of Jacob's clients choose to receive their refund through ERC if they can't

63. Which of the following statements is correct about the ERC that some of Jacob's clients choose to receive their refund through ERC if they can't pay their tax preparation fees?


a) The ERC is not a loan and the process takes approximately 2-3 weeks.

b) The ERC is not a loan and the process takes approximately 4-6 weeks.

c) The ERC is a loan and the process takes approximately 24 hours.

d) The ERC is a loan and the process takes approximately 2-3 weeks.


62. As a tax preparer and e-file provider in a low-income area, Jacob often has clients who don't have the money to pay for his services at the time he prepares their returns. He explains they have the option to receive their refund through an electronic refund check (ERC). How will this resolve the problem of not being able to pay their tax preparation fees?


a) The ERC is a loan in the amount of the tax preparation fees and will enable the taxpayer to pay his tax preparer before receiving his refund.

b) If the taxpayer chooses to receive his refund through an ERC, the tax preparer agrees to not charge for preparing the tax return.

c) The ERC will pay the tax preparation fees within 24 hours.

d) The tax preparation fees are deducted from the refund to pay the tax preparer. The taxpayer will then receive the net amount.

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