Employee Retention Credit (ERC)

February 7, 2024

TAX UPDATE: TAX RELIEF FOR AMERICAN FAMILIES AND WORKERS ACT OF 2024

I. Introduction On January 31, 2024, the House passed the Tax Relief for American Families and Workers Act of 2024 (the “Act”); the Act is now off to the Senate and will hopefully receive a vote before their recess begins on February 12th. The Act covers a variety of tax topics, including the child tax… Continue reading TAX UPDATE: TAX RELIEF FOR AMERICAN FAMILIES AND WORKERS ACT OF 2024

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November 15, 2023

Why Restaurants and Retail Shops Should Still Apply for the Employee Retention Credit (ERC)

Why Restaurants and Retail Shops Should Still Apply for the Employee Retention Credit (ERC) In the aftermath of unprecedented challenges, restaurants and retail shops are looking for ways to stabilize and grow. One critical lifeline not to be overlooked is the Employee Retention Credit (ERC). Here’s why your business should consider applying if you haven’t… Continue reading Why Restaurants and Retail Shops Should Still Apply for the Employee Retention Credit (ERC)

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November 8, 2023

ERC Substantiation: What is it, and what is required?

By Ashlee Hall, Esq., Director of Legal Services for Figure Financial, Inc. Substantiation noun evidence sufficient to establish a thing as true, valid, or real; proof. Black’s Law Dictionary defines “substantiation” as “support of a claim or assentation by objective data or other proof of evidence.” In other words, substantiation equals documentation. In short, PROOF. In… Continue reading ERC Substantiation: What is it, and what is required?

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November 1, 2023

Ensuring Compliance in ERC Claims: The Critical Need for Substantiation

In the realm of Employee Retention Credit (ERC) claims, compliance is not just a legal obligation; it’s a cornerstone of ethical business practice. With the rise in ERC filings, there’s a growing need for businesses to understand the importance of substantiating their claims, especially when suspicions of fraud arise. Understanding ERC Compliance The ERC, designed… Continue reading Ensuring Compliance in ERC Claims: The Critical Need for Substantiation

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October 25, 2023

IRS Announces Withdrawal Process for Erroneous ERC Claims

Last week the IRS announced a new option for taxpayers to withdraw pending Employee Retention Credit (ERC) claims. This option is limited to businesses with pending ERC filings with the IRS, or for any refund check that has not been cashed yet. While this new process will likely not apply to any of our clients… Continue reading IRS Announces Withdrawal Process for Erroneous ERC Claims

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September 20, 2023

IRS Updates: IRS Pauses the Processing of New ERC Claims

The IRS released updated guidance on the Employee Retention Credit program on September 14, 2023. The news release below explains that the IRS has placed an immediate moratorium through the end of the year on the processing of new ERC claims in effort to curb fraudulent applications by bad actors. While a moratorium may sound alarming,… Continue reading IRS Updates: IRS Pauses the Processing of New ERC Claims

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June 28, 2023

Five Common Misconceptions about the Employee Retention Credit

In the whirlwind of information surrounding pandemic-era relief measures, the Employee Retention Credit (ERC) has emerged as a beacon of assistance for businesses navigating these challenging times. However, misconceptions about the ERC can cause businesses to overlook or underestimate this valuable tax credit. Let’s debunk five common misconceptions about the ERC. 1. Misconception: ERC is… Continue reading Five Common Misconceptions about the Employee Retention Credit

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June 14, 2023

Decoding the ERC: How to Navigate and Optimize Employee Retention Credits

In challenging times, a strong financial foundation is essential for businesses, and one such financial pillar is the Employee Retention Credit (ERC). If you’re a business owner, this blog will help you decode the ERC and navigate its benefits optimally. The ERC is a refundable tax credit under the CARES Act designed to encourage businesses… Continue reading Decoding the ERC: How to Navigate and Optimize Employee Retention Credits

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May 17, 2023

The Employee Retention Credit: A Lifeline for Businesses in Troubled Times

Running a business isn’t a walk in the park, especially in times of uncertainty. One of the significant challenges is retaining your workforce. That’s where the Employee Retention Credit (ERC) comes into play. It’s a refundable tax credit designed to encourage eligible employers to keep employees on their payroll despite experiencing an economic hardship related… Continue reading The Employee Retention Credit: A Lifeline for Businesses in Troubled Times

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