SAN FRANCISCO, CA / ACCESSWIRE / July 13, 2023 / Employee Retention Credit (ERC) scams have risen since implementing the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). These scams are often orchestrated by individuals or companies posing as genuine ERC consultants, posing a significant risk to businesses aiming for tax relief. Understanding these tax scam strategies is crucial for businesses to avoid such fraudulent activities, and stay compliant with this IRS tax credit program.
"The IRS has published several important guidelines for businesses regarding the Employee Retention Credit. They have shared crucial insights into how these ERC scams function and offer effective measures to ensure your business remains secure and protected," said Marty Stewart, Chief Strategy Officer (CSO) with Disaster Loan Advisors (DLA).
Business Owner Guidance: Key Takeaways for the Employee Retention Tax Credit
Employee Retention Credit (ERC) scams have increased since the CARES Act was enacted, posing a significant threat to businesses seeking tax credits.
Business owners should be aware of red flags such as illegitimate ERC consultants inflating their eligibility, submitting erroneous eligibility claims, identity theft, filing false claims, exaggerating salaries and wages, seeking credits for disqualified employees, and being charged an ERC contingency fee.
To protect their business from ERC scams, owners should work with established professionals, insist on personal...
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