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The ERC scam. The ERC is a legitimate tax credit established to help businesses with the cost of keeping staff employed during the pandemic, enacted by the Coronavirus Aid, Relief, and Economic ...
The agency has also found ERC-related fraud totaling around $3.4 billion and initiated 252 investigations involving another $2.8 billion in potential scams as of the end of July.. The IRS has also ...
The IRS says it's making progress with initiatives to claw back money improperly distributed under the Employee Retention Credit. The ERC was designed to help businesses retain employees during ...
The Employee Retention Credit is a refundable tax credit against an employer's payroll taxes. [2] It was established as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law by President Donald Trump, in order to help employers during the pandemic. [3]
The spokesperson said businesses can contact Innovation Refunds “via email” to get money back if they have discovered they are ineligible. IRS scrutiny of ERC promoters will continue, Werfel said.
IRS employees processed 476 million Economic Impact Payments to households, advanced 4 million economic injury disaster loan applications, and paid over 2 million ERC claims for small businesses.
Zigmont said the key to spotting fraud is keeping a close eye on your accounts and credit report. Faulkner agrees: "Pause, think, and, make sure the message makes sense. If it feels even slightly ...
An LA bakery fell victim to a counterfeit check scam last month involving a $7,500 cupcake order. The owner of Eat Your Flowers, Loria Stern, told Business Insider the scam was costly and upsetting.