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Leave it to the IRS to find a new way to hurt S and C corporations.
The IRS wants to cause you pain. Here’s how…
The new IRS Notice 2021-49 disallows the valuable employees tax credit (ERC) to more-than-50% owners… owners who have certain living relatives.
That’s right. Your corporation can’t qualify for the ERC if you have living brothers and/or sisters, a spouse, ancestors, or lineal descendants.
In other words, if these folks are breathing, you’re out of luck.
This is obviously totally unfair. You kept your part of the bargain and paid to keep your employees on the payroll. So why is the IRS denying you your ERC?
Because, as usual, they want your money!
For complete details, read the full article.
Three things you can do to lessen the pain.
- Do nothing for the moment. Just wait out the storm. Why? Because you have until April 15, 2024 before you have to do anything about your 2020 ERC.
- You can file a Form 941-X anytime within the three-year statute of limitations. (We’ll explain this in detail in our compete article.)
- Get to work changing the law. Express your anger to the tax-law writers, your senators, and your congressional representative. Tell them that you demand that they save your ERC.
IMPORTANT: Don’t think that no one will pay attention to what you have to say. Lawmakers do pay attention to their constituents’ concerns. There is power in numbers!
Want to find more about how IRS Notice 2021-49 will affect you? It’s easy…