Federal Tax, Tax

IRS Warns of Employee Retention Credit Scammers

Individuals and businesses alike need to be aware of a widely-circulating scam involving the Employee Retention Credit (ERC).

Be on the lookout for promoters, radio advertisements, and internet advertisements claiming large-scale tax refunds from this credit – the information may be inaccurate and you may not actually qualify for this tax credit.

The IRS recently issued its ‘Dirty Dozen’ list of tax scams and included is a scam involving the Employee Retention Credit, which emerged during the COVID-19 pandemic to provide aid to businesses.

If you mistakenly claim the credit without the proper and accurate qualifications, you could face repercussions, interest, and penalties.

Click here for more information from the IRS on this scam. If you have any questions regarding the ERC, please reach out to the Cg Team so we can discuss further.