The recently passed legislation by the Internal Revenue Service (IRS) related to ERC has attracted the attention of suspicious players who are currently providing fraudulent services, warns FTCO ERC Pros in its latest public education drive.
Interested parties can find more information at https://federaltaxcredits.org/ertc-scams
Such schemes have caused significant financial damage to small and medium-sized businesses that are already struggling to stay afloat during the ongoing COVID-19 pandemic – and FTCO ERC Pros is helping businesses avoid them and provides them with an effective way to claim their due tax credits.
The ERC was introduced as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help small and medium-sized businesses pay their working staff throughout the pandemic. The eligibility regulations of the ERC program have suffered several modifications since its inception, making it difficult for businesses to determine whether they are eligible for a refund. Scammers have taken advantage of this uncertainty and are providing fraudulent services to get a portion of the tax credit intended for eligible businesses.
According to the IRS, identity theft, IRS-related phishing attempts and fraudulent claims for tax refunds have seen a 91% increase in 2021. FTCO ERC Pros is reminding businesses of some common ERC scams to be aware of, such as phishing emails that attempt to collect personal information or calls from unknown sources requesting payment for taxes.
FTCO ERC Pros is dedicated to helping small and medium-sized businesses determine eligibility for the tax credit and providing guidance on how to file for it, while also offering audit support to those who have already claimed ERC.
“We believe every local business owner should be allowed to get the maximum credit available through the Internal Revenue Service without any financial risk down the road,” said a spokesperson for the company. “Integrity is the cornerstone of our business culture, having been instilled in the company since its inception. We frown on Employee Retention Credit fraud and our mission is to get businesses the tax savings they deserve.”
More details can be found at https://federaltaxcredits.org/ertc-scams
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Sahyadri Times journalist was involved in the writing and production of this article.