0:00 – Intro
3:15 – ERC Audits – IRS Notice
5:30 – ERC Audits – How to be Prepared
12:22 – ERC Claims vs. PPP Claims
15:23 – ERC Scams
20:45 – Ghost Preparers
Employee Retention Credit (ERC) scams and the potential for audits were recently highlighted in the IRS recently issued Notice IR-2022-183. Tax Directors Rebecca Sheppard, Esq. and Peter Haukebo, Esq. explain the risks of ERC scams and how to protect your business.
If you’re claiming the ERC or received an information document request (IDR) from the IRS, watch this video to learn how to avoid scams and be prepared for an audit.
Here are some tips:
• Be aware of the signs of an ERC scam.
• Verify the authenticity of any documents or claims you receive.
• Keep good records of your ERC claims.
The ERC is a valuable tax credit that can help businesses offset the costs of keeping employees on the payroll during the COVID-19 pandemic. But it’s important to be aware of the risks of ERC scams and how to protect your business.
Get more information about the topics that affect you!
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Resources:
Read the IRS’s notice about ERC – https://www.irs.gov/newsroom/irs-issues-renewed-warning-on-employee-retention-credit-claims-false-claims-generate-compliance-risk-for-people-and-businesses-claiming-credit-improperly
Find more information in our Employee Retention Credt (ERC/ERTC) Resource Center — https://askfrost.com/employee-retention-credit-erc-resource-center
Read more about ERC audits and how to prepare — https://askfrost.com/news/erc-audits-ongoing-how-audit-ready-is-yours
Learn more about claiming ERC for multiple companies — https://askfrost.com/news/erc-aggregation-rules-good-news-for-owners-of-multiple-businesses
DISCLAIMER: This video is not legal, tax, or financial advice. Talk with a professional about your situation before making any legal or financial decisions.
About Frost Law:
Frost Law is comprised of skilled tax attorneys, business attorneys, litigation attorneys, estates attorneys, Certified Public Accountants, Certified Financial Planners, and other tax professionals. We have been serving clients across the country and abroad.
We have office locations on the East Coast in Maryland, Virginia, Washington, D.C., Pennsylvania, Florida, and serve clients internationally.
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