Do You Need a Second Opinion on Your ERC Credit ?
The Employee Retention Credit (ERC) offer much-needed support to businesses adversely affected by the pandemic. However, unscrupulous third-party tax credit preparers have exploited many small business owners, pushing them into claiming credits they may not be eligible for. This practice puts owners at risk of IRS audits and can lead to potentially serious financial consequences for their businesses.
At Steward Hamilton, we can review your claims and help you prepare for a potential ERC audit so that the IRS won’t catch you off guard.
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Why Do You Need AN ERC Risk Assessment?
Since the introduction of the Employee Retention Credit (ERC), there has been a surge in cases where third-party preparers, making overzealous claims about businesses’ eligibility for these credits, have led clients to claim credits they may not have been qualified for. Consequently, the IRS has increased its scrutiny and begun to audit many claims related to said credits.
In the event of an audit, it’s crucial to substantiate your claim. Small business owners who, based on the guidance of these predatory preparers, claimed ERC credits without proper eligibility could face the risk of owing back taxes, leading to significant financial distress for their company.
Undergoing an ERC risk assessment by a credible tax professional is vital. It prepares you for potential audits, helps defend your claims for either credit, and mitigates the impacts of any scrutiny or audit that may arise from these claims.
Warning Signs of aN Aggressive ERC Credit Preparer May Include:
- Promising tax savings that seem “too good to be true.”
- Assuring clients of their eligibility for ERC credits before conducting thorough reviews of their finances.
- Claiming that all businesses in a specific industry are automatically eligible for ERC credits.
- Asserting to have received special training from the IRS specifically for ERC credits.
- Charging large upfront fees or contingency fees based on the amount of the ERC refund.
- Failing to provide clear and detailed information about the eligibility criteria for ERC credits.
Steward Hamilton is leading the fight in ERC Defense
If your business faces an increased risk of being audited for the Employee Retention Credit (ERC) , we are prepared to offer you a comprehensive risk assessment. This assessment aims to clarify your business’s eligibility for the tax credits and explores options to mitigate the potential consequences of an audit. Our support extends through every stage of the audit defense process. We are committed to assisting you in safeguarding your business, ensuring you are well-prepared should the worst-case scenario occur.
Expert Tax Solutions with a Personalized Approach
At Steward Hamilton, we know tax issues can happen to anybody. We also know that having tax issues or owing tax debt doesn’t make you a bad person—they just make you one of many people and businesses who can use our help..
Our tax law experts are dedicated to helping you end the burden of tax trouble and keep what is most precious to you safe .
