Clark Schaefer Hackett’s Post

IRS compliance efforts around erroneous Employee Retention Tax Credit (ERTC) claims topped more than $1 billion in six months. Another $3 billion in claims is being reviewed. The revenue is the result of three initiatives: 1) A Voluntary Disclosure Program, which ended on March 22 and allowed taxpayers to pay back money incorrectly received, 2) an ongoing claims withdrawal process that allows taxpayers to halt unprocessed claims, and 3) tax assessments of more than 22,000 improper claims. The IRS stated these businesses were victims of “promoters that shared misleading information or misrepresented eligibility rules and lured businesses to apply for the ERTC when they didn’t qualify.” Our resource directory offers valuable links to assist in managing various financial and legal aspects of a business or individual: https://bit.ly/3SMrnzb #IRS #ERTC #TaxCompliance #TaxRefunds

IRS compliance efforts around erroneous Employee Retention Tax Credit (ERTC) claims topped more than $1 billion in six months. Another $3 billion in claims is being reviewed. The revenue is the result of three initiatives: 1) A Voluntary Disclosure Program, which ended on March 22 and allowed taxpayers to pay back money incorrectly received, 2) an ongoing claims withdrawal process that allows taxpayers to halt unprocessed claims, and 3) tax assessments of more than 22,000 improper claims. The IRS stated these businesses were victims of “promoters that shared misleading information or misrepresented eligibility rules and lured businesses to apply for the ERTC when they didn’t qualify.” Our resource directory offers valuable links to assist in managing various financial and legal aspects of a business or individual: https://bit.ly/3SMrnzb #IRS #ERTC #TaxCompliance #TaxRefunds

IRS compliance efforts around erroneous Employee Retention Tax Credit (ERTC) claims topped more than $1 billion in six months. Another $3 billion in claims is being reviewed. The revenue is the result of three initiatives: 1) A Voluntary Disclosure Program, which ended on March 22 and allowed taxpayers to pay back money incorrectly received, 2) an ongoing claims withdrawal process that allows taxpayers to halt unprocessed claims, and 3) tax assessments of more than 22,000 improper claims. The IRS stated these businesses were victims of “promoters that shared misleading information or misrepresented eligibility rules and lured businesses to apply for the ERTC when they didn’t qualify.” #IRS #ERTC #TaxCompliance #TaxRefunds

Earlier this year, the IRS launched a voluntary disclosure program involving the Employee Retention Tax Credit (ERTC). It allows eligible businesses to pay back money they received after filing ERTC claims in error. The disclosure program runs through March 22, 2024, and allows employers to repay 80% of the money received. With the deadline to participate fast approaching, the IRS has issued a list of seven suspicious signs that an ERTC claim could be incorrect. The indicators, built on feedback from tax professionals and IRS compliance personnel, center on misinformation that unscrupulous ERTC promoters previously used. Learn about the suspicious signs: https://buff.ly/3OHY9is #tax #taxadvice #taxes #taxpolicy

The IRS recently announced plans to deny tens of thousands of improperly filed “high-risk” Employee Retention Tax Credit (ERTC) claims. The tax agency will also begin a new round of processing lower-risk, legitimate claims, with initial payments to this group expected to be made later this summer. An IRS review revealed that 10% to 20% of ERTC claims fell into the high-risk category, meaning there were clear signs of the claims being erroneous. These claims, submitted during aggressive marketing campaigns, will be denied in the coming weeks. The review showed that up to 70% of claims had an unacceptable level of risk and will undergo further analysis. To learn more: https://bit.ly/3VAM3KU #ERTC #TaxCredits #IRS #SmallBusiness #FinancialRelief

The IRS recently shared five new warning signs of incorrect claims by businesses for the Employee Retention Credit. The new list comes from common issues the IRS has seen while reviewing and processing ERC claims. Businesses should talk to a trusted tax professional like Sensible Services ABC, LLC and resolve incorrect claims through the IRS’s claim withdrawal program or the second ERC Voluntary Disclosure Program to avoid issues such as audits, repayment, penalties and interest. Contact us today! #irs #taxes #ERC #employeeretentioncredit #taxresolution #audits #taxhelp

The IRS recently announced plans to deny tens of thousands of improperly filed “high-risk” Employee Retention Tax Credit (ERTC) claims. The tax agency will also begin a new round of processing lower-risk, legitimate claims, with initial payments to this group expected to be made later this summer. An IRS review revealed that 10% to 20% of ERTC claims fell into the high-risk category, meaning there were clear signs of the claims being erroneous. These claims, submitted during aggressive marketing campaigns, will be denied in the coming weeks. The review showed that up to 70% of claims had an unacceptable level of risk and will undergo further analysis. To learn more: https://bit.ly/3VAM3KU #ERTC #TaxCredits #IRS #SmallBusiness #FinancialRelief

The IRS recently announced plans to deny tens of thousands of improperly filed “high-risk” Employee Retention Tax Credit (ERTC) claims. The tax agency will also begin a new round of processing lower-risk, legitimate claims, with initial payments to this group expected to be made later this summer. An IRS review revealed that 10% to 20% of ERTC claims fell into the high-risk category, meaning there were clear signs of the claims being erroneous. These claims, submitted during aggressive marketing campaigns, will be denied in the coming weeks. The review showed that up to 70% of claims had an unacceptable level of risk and will undergo further analysis. To learn more: https://bit.ly/3VAM3KU #ERTC #TaxCredits #IRS #SmallBusiness #FinancialRelief