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🚨 URGENT IRS ALERT FOR BUSINESSES CLAIMING EMPLOYEE RETENTION CREDIT (ERC)! 🚨 Are you sure your ERC claim is accurate? The IRS is cracking down on improper claims with new warning signs. Here are five common red flags: 1. 📉 Essential Businesses Claiming Without Decline in Receipts: Many essential businesses were wrongly convinced to claim ERC. Make sure your operations were actually suspended by a qualifying government order. 2. 📄 Unsupported Government Order Suspensions: If you can't prove how a government order affected your operations, your claim might be ineligible. 3. 👪 Claiming Family Members' Wages: Wages paid to related individuals (like family members) generally don't qualify. 4. 🏦 Using Wages from PPP Loan Forgiveness: Wages used for PPP forgiveness can't also be used for ERC. 5. 🏢 Large Employers Including Wages for Active Employees: Large employers can only claim ERC for employees who weren't working. 🔍 Review Your Claims Now! Ensure you don't have any of these issues to avoid audits, penalties, and repayments. Work with a trusted tax professional to verify your eligibility and correct any mistakes. For expert guidance, contact our founder & CPA Anshul Goyal at anshul@kkca.io. Let's secure your peace of mind and compliance today! 📩 #IRS #TaxCompliance #ERC #TaxTips #BusinessOwners #TaxProfessionals #Finance #SmallBusiness #CPA #EnrolledAgent #TaxAdvisors #TaxHelp #KKCA

🚨 Attention business owners! The IRS has flagged five new red flags for incorrect Employee Retention Credit (ERC) claims 🗓️ On July 26, the IRS announced these red flags as they continue to scrutinize ERC requests. These are in addition to seven problem areas highlighted last March. 📊 The IRS is taking new steps to counter improper ERC claims and will soon provide more details on high-risk ERC compliance, reopening the Voluntary Disclosure Program, and processing low-risk payments for legitimate claims. 🗣️ IRS Commissioner Danny Werfel said, “The IRS continues working aggressively to pursue improper claims and increase payments to businesses with legitimate claims. Businesses should consult trusted tax professionals rather than promoters.” 🔍 The five new red flags are: 1. Essential Businesses: If fully operational without a decline in gross receipts during the pandemic, many were incorrectly convinced to claim the ERC. 2. Suspension Proof: Businesses unable to prove how a government order fully or partially suspended their operations. 3. Family Wages: Wages paid to relatives are not qualified wages for ERC. 4. PPP Overlap: Wages used for Paycheck Protection Program loan forgiveness cannot be claimed for ERC. 5. Large Employers: Incorrectly claiming wages for employees who provided services. 🚫 The IRS halted new ERC claims processing last September and has been sifting through a backlog, disallowing many incorrect claims. #ERCCredit #TaxTips #BusinessTax #SRQTax #CPA #SterlingTaxAndAccounting #TaxStrategy #Accountant

#ERC #employeeretentioncredit #IRS Lots of businesses that claimed the COVID era employee retention tax credit (the ERC) on the say-so of consultants – we all saw the TV commercials – have now discovered that they were not entitled to the credit and face potentially mammoth IRS assessments of not only the amount of the credit, but also large interest and penalty assessments. Today, the IRS announced that is reopening a voluntary disclosure program, which allows businesses that have determined they weren’t eligible for the credit to avoid these assessments by repaying 85% of the credit. The re-opened program, which is limited to 2021 tax periods, is based upon a voluntary disclosure program that closed on March 22, 2024. That program allowed businesses to obtain relief by repaying 80% of the credit. The new voluntary disclosure program will close on November 22, 2024. The program comes with a number of conditions, limitations and requirements, which are detailed here:  https://lnkd.in/eYRvjt9z

The IRS has expanded its list of warning signs for Employee Retention Credit (ERC) claims, now highlighting 12 key red flags for businesses and taxpayers. In our latest #blog post, Managing Partner, Anthony Daddino discusses these recent updates, including issues with essential businesses incorrectly claiming ERC, unsubstantiated government order suspensions, improper reporting of family wages, and more. Read it here: https://lnkd.in/gcAMGuSv #IRS #EmployeeRetentionCredit #ERC #TaxTip

** Boost your bottom line!** The ERC can still put money back in your pocket. Learn how to claim it (and avoid penalties) before it's too late. #TaxRelief #BusinessTips #ERCdeadline The Employee Retention Credit (ERC), which has been a lifeline for many businesses during the pandemic, may expire on January 31, 2024. But don't miss out! You can still claim the credit by filing amended returns before the deadline. Read here: https://lnkd.in/dCgTmru9 This article provides a helpful overview of the ERC and how you can claim it. Don't wait, take action today to secure the funds your business deserves! Schedule a free consult with Occams ERC Audit Advisory to see how Occams Advisory can help: https://bit.ly/3Sym3zg #EmployeeRetentionCredit #ERC #TaxCredit #BusinessRelief #COVID19 P.S. Share this post with other business owners who may not be aware of the ERC deadline!

The IRS has finally released details for the long-awaited Employee Retention Credit Voluntary Disclosure Program. Taxpayers who meet the criteria of the program will only be required to repay 80% of improperly claimed ERC payments. Here’s what you need to know: https://okt.to/l9XNqB #IRS #employeeretentioncredit #taxupdates

ERC Update: Good News, Bad News, and What's Next 🚨 Attention business owners who claimed the Employee Retention Credit! The IRS is making moves: 50,000 valid claims are in the pipeline for refunds ✅ 28,000 disallowance letters sent for high-risk or incorrect claims ❌ If your legitimate claim is still unpaid after 6+ months, it might be time to consider legal action. Yes, you can sue the federal government for your refund! 💼 Stay tuned for more updates on the IRS's processing of ERC claims. We're here to help you navigate these choppy tax waters! 🌊 #ERCUpdate #TaxRefunds #BusinessOwners #TaxAttorney #IRSClaims

The IRS has finally released details for the long-awaited Employee Retention Credit Voluntary Disclosure Program. Taxpayers who meet the criteria of the program will only be required to repay 80% of improperly claimed ERC payments. Here’s what you need to know: https://okt.to/YFMpUW #IRS #employeeretentioncredit #taxupdates

The IRS has intensified its scrutiny of ERC claims, identifying five new red flags, including issues with essential businesses, insufficient proof of government orders, family members' wages, overlap with PPP, and large employers claiming active employees. These add to seven previously highlighted issues such as excessive quarters claimed and ineligible government orders. Businesses with pending or approved ERC claims should review these red flags and consult a trusted tax professional to avoid audits, repayments, penalties, and interest. For more information, check out our blog https://bit.ly/4dsmUco #axleyrode #trustedadvisor #tax #ERC