Employee Retention Credit (ERC) Suspended Processing
On Thursday (09/14/23), the Internal Revenue Service (IRS) announced that they are suspending the processing of new Employee Retention Credit (ERC) claims due to the need to investigate potential fraudulent claims. Many businesses around the country have been receiving mailings or are being promised large sums of money from this tax credit.
There are multiple factors associated with the eligibility requirements for the ERC, and calculation of your credit relies on very private financial information about your business. No third party should be able to accurately calculate your potential credit amount without detailed information provided by you or your accounting team.
It is currently unknown when the IRS will be reopening the processing. This credit has created many bad actors in our industry, potentially leading to aggressive and risky claims that could result in future audits. It is imperative that you reach out to your trusted accountant or financial advisor to ensure that your eligible claim is legitimate and well-documented.
For more information about the ERC suspension, click here >>