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By Michael F. Ganino, CPA, CFE, Partner and Christopher Migliaccio, JD, Partner
The Employee Retention Credit (ERC) is a valuable tax credit provided by the U.S. government to offer financial assistance to businesses that were negatively impacted by the pandemic. Through February 2023, it has been estimated that over $50 billion in ERC funds have been paid to hundreds of thousands of businesses. With applications tied only to the submission of timely amended payroll tax returns, ERC funds will continue to be applied for and paid through April 2025.
We’ve written in great detail about the opportunities relating to the ERC. However, we’ve also seen an increase in deceptive communications relating to the ERC that are troubling – not just to us, but also to the IRS, which named claims regarding the ERC as #1 on its 2023 Dirty Dozen list of tax scams.
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