The ERC is a legitimate, refundable tax credit designed to help businesses that continued to pay employees while they were shut down because of the COVID-19 pandemic or that experienced a significant decline in gross receipts...more
8/21/2024
/ Audits ,
CARES Act ,
Cooperation ,
Coronavirus/COVID-19 ,
Criminal Investigations ,
Deadlines ,
Employee Retention ,
Fraud ,
Internal Revenue Code (IRC) ,
Investigations ,
IRS ,
Tax Credits ,
Tax Relief ,
Voluntary Disclosure
The Internal Revenue Service has adjusted its moratorium on processing Employee Retention Tax Credit (ERC) claims, announcing last week it will begin processing claims filed between September 14, 2023 and January 31, 2024. In...more
8/13/2024
/ Audits ,
CARES Act ,
Coronavirus/COVID-19 ,
Criminal Investigations ,
Employee Retention ,
Fraud ,
Investigations ,
IRS ,
Tax Credits ,
Tax Relief ,
Voluntary Disclosure
The Internal Revenue Service (IRS) recently issued a news release identifying five new signs that a business’s Employee Retention Tax Credit (ERC) may be incorrect. It has also begun issuing a third round of letters denying...more
8/9/2024
/ CARES Act ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Employee Retention ,
Enforcement ,
Fraud ,
IRS ,
IRS Independent Office of Appeals ,
Paycheck Protection Program (PPP) ,
Tax Credits ,
Wage and Hour
The IRS recently issued a news release identifying seven signs that a business’s Employee Retention Tax Credit (the ERC) may be incorrect. The IRS identified these warning signs based on feedback from tax professionals and...more
The House Ways and Means Committee recently advanced a bill that gives businesses a proposed deadline of January 31, 2024 to file Employee Retention Credit (ERC) claims. Known as the Tax Relief for American Families and...more
The Internal Revenue Service has announced a new Voluntary Disclosure Program (VDP) that offers businesses a limited-time opportunity to repay improperly claimed Employee Retention Credits (ERC) at a discount while avoiding...more
Amid an ongoing federal crackdown on fraud in COVID-19 relief programs, the IRS announced that it will offer certain employers an opportunity to withdraw Employee Retention Credit (ERC) claims if they are concerned about...more