Understanding the Situation
The ERC was designed to aid businesses in retaining employees and minimizing layoffs amid the pandemic. It offers a substantial credit, with each employee credit potentially reaching $26,000. However, with the upcoming deadline for filing ERC claims for 2020 and 2021 set at April 15, 2024, and April 15, 2025, respectively, there’s a growing anxiety about potential fraudulent claims. The IRS has already flagged thousands for audits and identified numerous ongoing criminal cases.
Implications for Your Business
The intricacies of the ERC, coupled with its precise eligibility criteria, can make it a challenging territory to navigate. While the situation remains fluid, it’s crucial to stay informed and make well-informed decisions.
Need Assistance or Have Questions?
As with all complex tax issues, we are here to help! This is a great program for small businesses, and we want to help our clients take advantage of it. Reach out to your Tax Advisor with any questions.
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