Employee Retention Credit
The IRS has issued much guidance to assist taxpayers with the impacts of the Employee Retention Credit (ERC), which was designed to assist companies suffering due to government mandated shutdowns as a result of COVID-19.
IRS names of some of the largest “ERC mills.”
The IRS believes these mills operated deceptive marketing campaigns resulting in millions of illegitimate ERC claims and potentially paying out billions of taxpayer dollars in error. This “scam” was also included in their “Dirty Dozen” tax schemes.
What are your options?
Visit the IRS page here (Employee Retention Credit | Internal Revenue Service) to learn about the credit, who may actually be eligible, and what to do if you claimed the credit and now feel that you should not have – whether you have received the funds yet or not.
The Other Side of the ERC …
Many of these marketing companies did not explain or did not explain well, what happens after you get your ERC money. If you filed a legitimate claim and received your funds this is NOT the end. Per IRC you are likely required to amend tax return(s) for the year the claim applies to. If you received the ERC and are not sure what else you may need to do
LCI Taxes can help!
Contact us to schedule a time to discuss what your next move is.
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