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A year ago, the IRS had been warning about abuse related to ERC. In May, it specifically warned against pop-up ERC companies that were luring unqualified small businesses into claiming credits ...
Walloped by bogus claims for the pandemic-era Employee Retention Tax Credit (ERC), the IRS says it’s ramping up audits and criminal investigations of suspected fraud. The IRS has sent out 28,000 ...
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 ...
An IRS impersonation scam is a class of telecommunications fraud and scam which targets American taxpayers by masquerading as Internal Revenue Service (IRS) collection officers. [1] The scammers operate by placing disturbing official-sounding calls to unsuspecting citizens, threatening them with arrest and frozen assets if thousands of dollars ...
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]
Larry Gray, a CPA in Rolla, Missouri, was among the early voices warning that ERC fraud could become a major problem. He took to YouTube from his office in 2020, sounding the alarm.
The IRS said it has gotten thousands of reports of these emails coming in since July 4. The IRS never initiates contact with taxpayers through email, text or social media about bills or refunds ...
• Fake email addresses - Malicious actors sometimes send from email addresses made to look like an official email address but in fact is missing a letter(s), misspelled, replaces a letter with a lookalike number (e.g. “O” and “0”), or originates from free email services that would not be used for official communications.