IRS Increases Oversight of ERC Program
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.