Information to be Aware of Claiming an ERC!
If you are a business owner and someone approaches you about claiming employee retention credit, BEWARE! There have been scammers in the market approaching business owners to claim ERC credits even under circumstances that business owners have not met the eligibility requirements for
claiming ERC. If you are planning to claim ERC, please know that 1) you will be required to amend your tax returns after you have received the ERC credit because this credit has to be included 2) if you don’t meet the eligibility tests, you may run the risk of being audited with the outcome of having to return the money back to IRS. If you would like to understand more, please refer to IRS.gov (https://www.irs.gov/newsroom/new-law-extends-covid-tax-credit-for-employers-who-keep-workers-on-payroll) or reach out to your CPA who is experienced in handling the ERC credits. For further information make sure to watch this video and its resources! https://youtube.com/shorts/oRXnbjT6wVQ #business #taxes #employee #IRS