IRS Increases Oversight of ERC Program

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Last week, the IRS issued an important news release, IR-2023-135 (click green link to read full release), announcing their heightened scrutiny of claims for the Employee Retention Credit (ERC) with a particular focus on detecting and preventing fraud. It is crucial for taxpayers to remain vigilant and cautious of companies that aggressively pursue their business in relation to the ERC credit.

During a special roundtable session of tax professionals, IRS Commissioner Danny Werfel stated, “The further we get from the pandemic, we believe the percentage of legitimate claims coming in is declining.” He further emphasized that many of the current claims are likely to be questioned and subject to further investigation.

If you believe your business is eligible for this credit but have not yet filed, we strongly urge you to consult a trusted advisor. Please keep in mind that this process is neither quick nor easy, as a reputable firm will thoroughly examine all of the circumstances surrounding your business to determine eligibility.

Should you have any questions or concerns that you would like to discuss, please do not hesitate to contact us or call our office at (833) CPA-BMSS.

About BMSS

BMSS Advisors & CPAs was established in 1991 with the vision of creating a CPA firm that would provide peace of mind for its clients while sustaining a healthy, happy culture for its employees. As this dream has been realized, BMSS has grown to become one of the Southeast’s top advisory and accounting firms, now with eight offices throughout Alabama and Mississippi.

The CPA firm specializes in several industries, including (but not limited to) manufacturing, wholesale distribution, construction, technology, nonprofit, and government contracting. In addition to tax planning, compliance and assurance services, the firm boasts a robust business advisory practice area which includes transaction advisory, valuation, client accounting solutions, and CFO advisory services. BMSS also specializes in state and local tax, estate planning and employee benefit plan audits.

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