The IRS shared seven warning signs of incorrect ERC (Employee Retention Credit) claims and is urging businesses to revisit their claims and apply to the ERC Voluntary Disclosure Program before the March 22, 2024, application deadline. The program helps employers repay their ERC at a...
WASHINGTON — As part of a larger effort to protect small businesses and organizations from scams, the Internal Revenue Service announced the details of a special withdrawal process to help those who filed an Employee Retention Credit (ERC) claim and are concerned about its accuracy. This new...
WASHINGTON — As aggressive marketing continues, the Internal Revenue Service renewed an alert for businesses to watch out for tell-tale signs of misleading claims involving the Employee Retention Credit. The IRS and tax professionals continue to see a barrage of aggressive broadcast advertising, direct mail solicitations...
Since the Fall of 2022, the IRS has issued several warnings to employers to beware of third parties promoting improper Employee Retention Credit (ERC) claims. See IRS IR-2023-40 (Mar. 7, 2023); IRS IR-2022-183 (Oct. 19, 2022); COVID Tax Tip 2022-170 (Nov. 7, 2022). With tax...
The federal government's Employee Retention Credit proved to be a lifeline for many businesses and their employees. The eligibility rules were complex and changed over time, as noted in an extensive IRS chart. Not all owners may have been able to figure out whether they were...
The IRS has issued guidance for employers regarding the retroactive termination of the Employee Retention Credit (ERC). The Employee Retention Credit now applies only to wages paid before October 1, 2021, unless the employer is a recovery startup business. This guidance can be found in Notice 2021-65....