alliantNational Tax Controversy Attorney Alek Hernandez summarized an article from the #IRS into easy-to-read bullet points on the progress of 400K #IRS #ERC claims with near $10 billion. Jeremy Fingeret Shane T. Frank Amber Campbell Allman Matthew Noll Dhaval Jadav Matt Hunter Wilbur E. Suggs Steven Hunter Steve Miller Matthew Spradling Janine Campanaro Oscar Carrillo Sam Keegan Caroline Lake
𝗜𝗥𝗦 𝗨𝗽𝗱𝗮𝘁𝗲 𝗼𝗻 𝗘𝗺𝗽𝗹𝗼𝘆𝗲𝗲 𝗥𝗲𝘁𝗲𝗻𝘁𝗶𝗼𝗻 𝗖𝗿𝗲𝗱𝗶𝘁 (𝗘𝗥𝗖) 𝗖𝗹𝗮𝗶𝗺𝘀 The IRS has just announced significant progress on processing Employee Retention Credit (ERC) claims. 𝗞𝗲𝘆 𝗽𝗼𝗶𝗻𝘁𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗮𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗺𝗲𝗻𝘁: • 𝟰𝟬𝟬,𝟬𝟬𝟬 𝗰𝗹𝗮𝗶𝗺𝘀 are being processed, worth $𝟭𝟬 𝗯𝗶𝗹𝗹𝗶𝗼𝗻. • A new 𝗰𝗼𝗻𝘀𝗼𝗹𝗶𝗱𝗮𝘁𝗲𝗱 𝗰𝗹𝗮𝗶𝗺 𝗽𝗿𝗼𝗰𝗲𝘀𝘀 for third-party payers to expedite corrections. • The 𝗘𝗥𝗖 𝗩𝗼𝗹𝘂𝗻𝘁𝗮𝗿𝘆 𝗗𝗶𝘀𝗰𝗹𝗼𝘀𝘂𝗿𝗲 𝗣𝗿𝗼𝗴𝗿𝗮𝗺 is open until Nov. 22, 2024, allowing businesses to correct improper claims with a 15% discount and avoid penalties. ❓ 𝗧𝗵𝗶𝘀 𝗿𝗮𝗶𝘀𝗲𝘀 𝘀𝗲𝘃𝗲𝗿𝗮𝗹 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗾𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀: • With the average coming to $25,000 per claim, this means the IRS is likely focusing on early 2020 quarters. What does this mean for 2021 claims? • How can a business know if they are in line for the 400,000 claims being processed? • How long will it take to process all these claims? • What steps should a business owner take next to ensure compliance? As the IRS intensifies its audits and investigations, it's crucial to stay informed and compliant. If you have any concerns about your ERC claims or need assistance navigating these updates, our team is here to help. Let's ensure your business is on the right track. 💼✅ https://lnkd.in/gbYedATY #IRS #ERC #TaxCredits #SmallBusiness #Compliance #TaxHelp alliantNational