BEWARE OF TAX SCAMS
Beware of Employee Retention Credit schemes. The IRS continues to see third parties aggressively promoting Employee Retention Credit schemes. Payroll professionals also report receiving undue pressure from their clients to claim the credit.
- Fraudulent promoters are pushing ineligible people to file a claim for the credit, while
charging the filer either large upfront fees or a fee that is contingent on the amount of their
refund. Plus, they’re not informing taxpayers that they must reduce the wage deductions
they claimed on the business’ federal income tax return by the amount of the credit. - Filers should carefully review the ERC guidelines before trying to claim the credit and be
wary of offers promising tax savings that are too good to be true. The ERC is a valuable
credit for those who qualify but claiming it improperly could result in taxpayers having to
repay the credit along with potential penalties and interest.
Full story>>>https://www.irs.gov/newsroom/employers-watch-out-for-employee-retention-credit-schemes
