The ERTC (Employee Retention Tax Credit) is something Hunt has talked about in the past (See Episode 10 and 33) but this week, he wants to discuss the current status of the IRS with regard to auditing and follow-up on businesses that have claimed this credit, such as:
- IRS is upping their fines if you don't disclose all funds, even the legit ones.
- IRS amnesty programs: From a simple "Hey, I've got this account" to "I owe you, let's settle."
- The IRS usually has three years to ask for back taxes, but some exceptions exist. If you've taken the ERTC money, there's a two-year period where the IRS might have you on their radar. Bigger amounts = more attention.
- The ERTC program's end is in sight, with some parts set to phase out soon.
- Want more details? Click here: https://www.irs.gov/newsroom/to-protect-taxpayers-from-scams-irs-orders-immediate-stop-to-new-employee-retention-credit-processing-amid-surge-of-questionable-claims-concerns-from-tax-pros
Thanks to our partners, NAPA TRACS and Promotive
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Paar Melis and Associates – Accountants Specializing in Automotive Repair
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