October 20, 2023
Understanding the Recent Changes to the Employee Retention Credit (ERC)
The Employee Retention Credit (ERC) has been a significant topic of discussion in the financial community in recent months. The Internal Revenue Service (IRS) recently spotlighted a concerning trend of aggressive promotion and scams connected with the credit. Unfortunately, many well-intentioned businesses have fallen victim to such "ERC mills," resulting in a web of inaccuracies and potential penalties. What has the IRS Done? The IRS is offering a lifeline to businesses. They're granting employers an avenue to rescind any inaccurate claims for the ERC, especially if they've been ensnared by the misleading promises of these "ERC mills." Notably, the IRS...