“Employee Retention
Credit (ERC) Update”
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with all the details…
Years ago, Bob Dylan sang the song “the times they are a-changin’.”
That’s certainly true now when it comes to the Employee Retention Credit (ERC).
And there are many changes you should be aware of.
Check this out …
First, the IRS launched a new IRS payback scheme.
Second, there is looming legislation that could change the ERC landscape.
Third, learn what you need to know if you’re still waiting on your claim.
The big picture in a rather small nutshell
- The IRS has launched a second Voluntary Disclosure Program, allowing businesses to repay 85% of their 2021 ERC claims under specific conditions, but the process comes with significant stipulations and no appeal rights.
- Meanwhile, H.R. 7024 looms in the Senate, potentially tightening penalties for ERC promoters and extending the statute of limitations on ERC claims to six years.
- The IRS continues to grapple with a backlog of 1.4 million claims, with some payments starting and others being denied, leaving many businesses in limbo.
What should you do …
CLICK HERE to read my completely new article titled:
“Employee Retention
Credit (ERC) Update”