The Internal Revenue Service today issued a renewed warning urging people to carefully review the Employee Retention Credit (ERC) guidelines before trying to claim the credit as promoters continue pushing ineligible people to file.
The IRS continues to see third parties aggressively promoting these ERC schemes on radio and online. These promoters charge large upfront fees or a fee that is contingent on the amount of the refund. And the promoters may not inform taxpayers that wage deductions claimed on the business’ federal income tax return must be reduced by the amount of the credit.
While this is a legitimate credit that has provided a financial lifeline to millions of businesses, many promoters aggressively mislead people and businesses into thinking they can claim these credits.
The IRS is actively auditing and conducting criminal investigations related to these false claims. People need to think twice before claiming this.
The IRS has been warning about this scheme since last fall, but there continue to be attempts to claim the ERC during the 2023 tax filing season.
Don’t get fined or audited. Contact Lance Wallach and his team of experts before you file. 516-236-8440 or email@example.com