Kewal Krishan & Co, CAs | International Tax Firm’s Post

🚨 Important IRS Update on Employee Retention Credit (ERC) Program 🚨 The IRS has announced significant actions regarding ERC, balancing support for legitimate businesses with increased efforts to combat improper claims. Here are the highlights: 🔹 Expanded Claim Processing Window: • NEW: IRS will now begin to process claims filed between 09/14/2023 - 01/31/2024 • PREVIOUS: Only claims filed before 09/14/2023 were being processed 🔹 50,000 low-risk claims identified for expedited processing beginning in September 🔹 Additional low-risk claims to be processed sometime in the fall 🔹 28,000 disallowance letters sent, preventing up to $5 billion in improper payments 🔹 460 criminal cases initiated 🔹 Thousands of ERC audits currently underway 🔹 Processing priority is focused on the highest and lowest risk claims first 🔍 For businesses navigating ERC audits or needing assistance with claims: Visit our dedicated ERC website at ERCAuditTaxAttorneys.com. #ERC #TaxNews #IRSUpdate #EmployeeRetentionCredit 👇 Read the IRS update here 👇

The IRS is scrutinizing Employee Retention Credit (ERC) claims, and the findings are concerning. Recent reviews of over 1 million ERC claims have revealed significant risks, with many showing signs of potential non-compliance. The ERC was designed to provide financial relief to businesses affected by the pandemic, but improper claims can lead to serious consequences. The IRS's heightened focus means businesses must ensure their claims are accurate and compliant. Now is the time to double-check your ERC filings and consult with your tax professional to ensure everything is in order. Don't wait until it's too late—take action today to safeguard your business. #ERC #IRSUpdate #TaxCompliance #TaxRisk #BusinessOwners

Stay informed and compliant with the latest IRS guidance on the Employee Retention Credit (ERC). The IRS has highlighted new warning signs of incorrect claims, making it essential to address any potential errors to avoid penalties, interest, or audits. At Wiss, we're here to help! If you have any questions or need assistance with ERC-related issues, don't hesitate to reach out. #wiss #EmployeeRetentionCredit #ERC #IRS

🚨 Important Update for Business Owners! 🚨 The IRS has issued new guidance on the Employee Retention Credit (ERC), highlighting additional warning signs of incorrect claims. To avoid potential penalties, interest, or audits, it's crucial to proactively address any erroneous claims. If you have questions about how this might affect your business or need assistance with ERC-related issues, feel free to reach out! #EmployeeRetentionCredit #ERC #IRS https://lnkd.in/eCmg-_6b

For anyone who thought the #irs would resume processing #covid19 ERC claims in the first part of 2024, think again. IRS Commissioner Danny Werfel (not the former Heisman Trophy winning QB Danny Wuerffel) had this to say: "The IRS continues to work hard on Employee Retention Credit issues and protect small businesses from the effects of aggressive promoters. To help businesses who were pushed into these, we have a special withdrawal program for those with unprocessed claims and a Voluntary Disclosure Program for those who believe they were paid improperly. IRS compliance work continues to accelerate, denying improper ERC claims and expanding compliance efforts on promoters and audits involving billions of dollars. This month, the IRS will be sending more than 3,000 new compliance-related letters to companies with both processed and unprocessed claims. At the same time, we are working to put in place protections against fraud that will eventually allow us to process additional legitimate ERC claims. The IRS will continue working to move forward in this effort, and additional updates on ERC will be coming in the weeks and months ahead." These fraud protection measures are necessary before the IRS anticipates resuming processing of claims submitted after the Sept. 14 moratorium. A specific resumption date has not been determined. https://lnkd.in/erAy829g #erc #taxcredits #happynewyear

Attention Businesses Who Claimed the ERC! The Internal Revenue Service is cracking down on improper Employee Retention Credit (ERC) claims. They've identified new red flags and are urging businesses to review their filings. Remember, it's always better to be safe than sorry. Let Occams Advisory help you navigate the complexities of the ERC and ensure your claims are accurate. Check out the full article from IRS here: https://lnkd.in/ev4iRk8i #IRSWarning #ERC #EmployeeRetentionCredit #TaxCompliance #Business #TaxProfessional #IRS #Audit #Penalty #TaxTips

The IRS estimates that the 28,000 letters related to POTENTIAL disallowance of the ERTC will prevent up to $5 billion in improper payments. These letters are all being sent out while the IRS simultaneously continues to move valid claims (and low-risk claims) through to processing. If you claimed the ERTC, this is good information to be aware of!! Veris | The Proactive CPA #veriscpa #ERTC #IRS #EmployeeRetentionTaxCredit

Here’s the latest today from the Internal Revenue Service regarding the #ERC. Some highlights: - 50,000 recently approved low-risk #ERC claims will be paid beginning in September. - The agency will now expand to begin processing claims filed between Sept. 14, 2023, and Jan. 31, 2024, a period of time previously considered in the moratorium. - In recent weeks, the IRS has sent out 28,000 disallowance letters to businesses whose claims showed a high risk of being incorrect. The IRS estimates that these disallowances will prevent up to $5 billion in improper payments. -The IRS acknowledges that some of the recent disallowances were erroneous but states that such instances are isolated and that it will work with such taxpayers to get it right -Thousands of #audits are underway, and 460 #criminal cases have been initiated. Stay tuned for a more detailed briefing from Kostelanetz LLP this evening… https://lnkd.in/eeKr3D9z

The IRS has issued a strong warning... If you file a fraudulent ERC claim, you're going to get punished. It's a scary time for business owners..so what to do? The House Ways and Means Committee recently proposed legislation that would terminate the Employee Retention Credit (“ERC”). At the same time, the IRS released the Voluntary Disclosure Program, which gives taxpayers who have already received ERC refunds until March 22, 2024, to use it to receive audit certainty in exchange for returning a chunk of the refund. There’s also the IRS withdrawal program (it could end at any time), which allows taxpayers to withdraw their ERC claim if it hasn’t been paid yet to protect themselves against an IRS determination of a fraudulent claim. There's a lot to think about and businesses are confused. They don’t know what to do... But clocks are ticking and decisions must be made quickly. If you're trying to decide whether to file a claim, withdraw your claim, or utilize the Voluntary Disclosure Program, keep it simple and go back to the basics. Whether your business qualifies for the ERC depends on the application of the ERC law to the specific facts and circumstances of YOUR business. Nothing has changed. So, forget about all the scary talk from the IRS about fraud and the consequences. Get an expert opinion from a tax professional. If you qualify, file it.

IRS offers ERC voluntary disclosure program because of so many fraudulent claims. When the IRS gives you a chance to come forward, that is usually a good decision! #erc #irs #audit #taxcontroversy #taxattorneys #hmllp https://lnkd.in/gnBiStUS