By Christopher Migliaccio, JD, Principal and Elisha M. Brestovansky, CPA, MBA, Senior Manager
The Employee Retention Credit (ERC) is still a hot topic among businesses and accountants. The ERC has been around for over two years now and is still a potentially huge benefit for businesses that struggled through the pandemic and for those businesses that are currently experiencing challenges because of rising rates of inflation.
But, with the incentive high to claim the ERC, confusion around IRS guidance about qualification for the credit and very little documentation needed to claim a refund, the IRS has begun taking action. Recently, the IRS has implemented a few safeguards and procedures as a result of the American Institute of Certified Public Accountants (AICPA) advocacy to ensure that only eligible businesses may claim the ERC. Read on for the details.