ERC fraud

Entrepreneur examining business contracts in office late at night

IRS Launches New Opportunity for Businesses to Correct Employee Retention Credit Claims

Bailey Scarano Blog / By

The IRS has introduced a second opportunity for businesses to voluntarily correct claims related to the Employee Retention Credit (ERC). This program is open until November 22, 2024, and offers a chance to address potentially inaccurate claims without facing severe penalties, including fines, back interest, and even jail time. (The first repayment program ran from […]

IRS Launches New Opportunity for Businesses to Correct Employee Retention Credit Claims Read More »

ERC application stamped with On Hold

Up to 90% of ERC Claims Are Potentially Fraudulent Forcing IRS to Extend Freeze

Bailey Scarano Blog, Tax & Money Tips / By

Originally part of the 2020 pandemic relief efforts, the ERC was meant to alleviate financial pressures for businesses by subsidizing wages up to $26,000 per employee for retained workers during COVID-19 related downturns. Despite the program’s intent to distribute $55 billion over 10 years, the IRS discovered widespread abuse, leading to an unplanned payout of

Up to 90% of ERC Claims Are Potentially Fraudulent Forcing IRS to Extend Freeze Read More »

Man's Hand Examining Fraud Word On Financial Report Through Magnifying Glass

IRS Introduces Option to Withdraw Employee Retention Credit Claims

Bailey Scarano Blog, Tax & Money Tips / By

If you own a business, we are sure you have also gotten emails, phone calls, and even texts from companies promising to help you to apply for – and receive – employee retention credits. While there are legitimate reasons for some businesses to apply, many companies fell for “too good to be true” offers of

IRS Introduces Option to Withdraw Employee Retention Credit Claims Read More »

Scroll to Top