Federal Tax, Tax

Beware Shady ERC Advice

Employers, beware: The IRS is warning about shady third parties advising businesses to claim the Employee Retention Credit (ERC), even when they don’t qualify. The ERC was introduced in 2020 to help employers who kept employees on the payroll during the COVID-19 lockdown or experienced significant declines in revenues from March 13, 2020, to Dec. 31, 2021. Opportunistic advisors falsely encouraging employers to claim the ERC usually charge large upfront fees or fees that are contingent on the business’s tax refund. Protect your company from bad advice and possible IRS penalties by always working with qualified tax advisors. Click here for more information. Questions? Contact Cg. © 2022