Is the IRS cancelling the ERC program early?

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, this intentional pause is a common practice used by the IRS. This is a developing situation, and we will continue to provide updates as new information is released. This what we know so far: This news confirms that the ERC is still a valid and valuable tax incentive for qualified businesses – this is not a cancellation of the program . The IRS moratorium will delay taxpayers from receiving their ERC funds, but it does not prevent taxpayers from continuing to file for the credit. The IRS may ask for more information to process future ERC claims, which we are prepared to provide as it is already part of our normal substantiation process. We will only release a credit for your business if we are confident you meet the IRS requirements. The positions we take are in line with the updated guidance that the IRS has provided. A large portion of the businesses we evaluate for ERC do not meet IRS eligibility requirements. If we filed a credit on your behalf, it is because we are confident you qualify. You should not be concerned about the credits you have claimed. The positions we have taken continue to be in line with the updated guidance that the IRS has provided. The IRS is taking steps to help taxpayers remediate any inappropriately claimed credits in good faith. The IRS encourages taxpayers to evaluate their eligibility for the credit. If you know anyone concerned with a credit they claimed individually or through a company other than ERC Pros, we can offer assistance through our ERC Substantiation Services . On January 31, 2024, the House passed the Tax Relief for American Families and Workers Act of 2024, which proposed an end to the ERC program effective January 31, 2024. This is now pending approval from the Senate. Please note that we will not be processing any new ERC claims until a final vote is reached. Our team of attorneys and CPAs is closely monitoring the situation. For more information about this new legislation, read this Tax Update from our legal team on our blog.

Who can withdraw an ERC claim?

Employers for whom all of the following is true: The claim was made on an amended employment return (Forms 941-X, 943-X, 944-X, CT-1X); The amended employment return only added the claim for the ERC – no other adjustments were made; The employer seeks to withdraw the entire amount of the ERC claim; and The IRS had not paid the claim, or the check for the refund has not been cashed or deposited.

Who cannot withdraw an ERC claim?

Employers who have already cashed their refund checks or who claimed the ERC on their original employment tax return.

Why did the IRS create this withdrawal option?

The IRS created the withdrawal option to help small business owners and others who were pressured or misled by ERC marketers or promoters into filing ineligible claims.

Why is this so important?

Claims that are withdrawn will be treated as if they were never filed . The IRS will not impose penalties or interest, which can save you a lot of money.

How does an employer withdraw an ERC claim?

A: Review the instructions carefully at: Withdraw an Employee Retention Credit (ERC) claim | Internal Revenue Service (irs.gov) Section A: You haven’t received a refund and haven’t been notified your claim is under audit. Make a copy of the adjusted return with the claim you wish to withdraw. In the left margin of the first page, write “Withdrawn.” In the right margin of the first page: Have an authorized person sign and date it. Write their name and title next to their signature. Fax the signed copy of your return using your computer or mobile device to the IRS’s ERC claim withdrawal fax line at 855-738-7609. This is your withdrawal request. Keep your copy with your tax records. ** If you can’t fax your withdrawal request, you can mail it to the address in the instructions for the adjusted return that applies to your business or organization. Before doing so you should make a copy of the signed and dated first page to keep for your records. It will take longer for the IRS to receive your request if you mail it. Mail your package via certified mail to track and confirm delivery. Section B: You haven’t received a refund and you’ve been notified your claim is under audit. If you’ve been notified that the IRS is auditing the adjusted employment tax return that includes your ERC claim, prepare your withdrawal request using the steps in Section A, but don’t submit to the withdrawal fax line or mail it using the address below. Instead : If you’ve been assigned an examiner, communicate with your examiner about how to submit your withdrawal request directly to them. If you haven’t been assigned an examiner, respond to your audit notice with your withdrawal request, using the instructions in the notice for responding. Section C: You received a refund check but haven’t cashed or deposited it. Prepare the claim withdrawal request using the steps in Section A, but don’t fax the request. Write "Void" in the endorsement section on the back of the refund check. Include a note that says, "ERC Withdrawal" and briefly explain the reason for returning the refund check. Make copies for your tax records of the front and back of the voided check, the explanation notes and the signed and dated withdrawal request page. Don't staple, bend, or paper clip the voided check; include it with your claim withdrawal request and mail it to the IRS at: Cincinnati Refund Inquiry Unit PO Box 145500 Mail Stop 536G Cincinnati, OH 45250 **Mail your package via certified mail to track and confirm delivery.

What happens after submitting the withdraw request?

The IRS will send you a letter telling you whether your withdrawal request was accepted or rejected. Your approved request is not effective until you have your acceptance letter from the IRS. If your withdrawal is accepted, you may need to amend your income tax returns if you already included the claim for the ERC in the filing. If you need help, seek out a trusted tax professional .

Our Team

Education

Brigham Young University, Bachelor of Science – Accounting

Licensure

Certified Public Accountant – California

Professional Experience

After receiving a Bachelor of Science in Accounting from Brigham Young University, Travis worked for a national tax firm, Andersen Tax in San Francisco, California. For the past seven years, Travis provided accounting services for private-practice doctors at his previous firm, Thomas Doll CPAs, based in the San Francisco area.

In early 2021, Travis realized that most of his clients qualified for the Employee Retention Credit, but few people in the accounting industry were doing anything to address it at that time. As such, Travis did extensive research into the criteria to qualify for the Employee Retention Credit and helped his clients benefit from this program. Travis built an efficient workflow and trained a team to help calculate and substantiate these credits for hundreds of businesses. Most of the first credits Travis calculated were filed in April 2021, and he saw these credits eventually get funded in late 2021 by the IRS. Travis worked directly with the IRS to ensure clients received the full credit to which they were entitled.

Languages

English

Contact: 406-220-5666 travis.slade@figurefinancial.com

Education

University of Oklahoma, College of Law, Juris Doctor
University of Oklahoma, Bachelor of Arts – Letters

Professional Admissions

State Bar of Oklahoma
State Bar of South Carolina
United States Tax Court
Western District Court of Oklahoma

Professional Experience

Following graduation, Ashlee co-founded the law firm Stewart & Crouch where she devoted most of her practice to arguing aggressively for her clients in domestic matters and representing disabled veterans before the Department of Veterans Affairs. Ashlee has also served as Assistant City Attorney for the City of Tulsa. With a greater understanding of the difficulties clients face in resolving legal matters before a government entity, Ashlee joined one of the largest tax resolution law firms in the country to help clients resolve tax controversies before the IRS. Most recently, Ashlee worked at Deloitte Tax LLP where she focused almost exclusively on the Employee Retention Credit, assisting clients claim a total of more than $165 million of credits.

A native Oklahoman, Ashlee resides in Tulsa, Oklahoma. Ashlee specializes in identifying and substantiating governmental orders that caused a business disruption for industries nationwide based on the specific legislation and revenue streams of businesses. With this expertise, Ashlee ensures that each credit dollar properly adheres to the Congressional intent for the Employee Retention Credit. Ashlee is also a Certified Tax Coach (CTC) through the American Institute of Certified Tax Planners (AICTP).

Contact: ashlee.hall@figurefinancial.com

Education

Emory University School of Law, Juris Doctor, 2012
University of Michigan, Bachelor of Arts – History and Sociology, with Distinction, 2009

Professional Admissions

State Bar of Texas, 2022
State Bar of Michigan, 2014
State Bar of Illinois, 2012
Western District Court of Michigan, 2020
Eastern District Court of Michigan, 2020

Professional Awards and Publications

Beyond Gratification – Published by American University
Student Writing Award for the President’s Commission on the Status of Women, 2012
Top 10% Oralist, 2010

Professional Experience

Following graduation from law school, Jeneanne first practiced family law litigation at a prestigious boutique law firm in Chicago, Illinois. She later moved to Houston, Texas to work for a national tax consulting firm where she focused on Research & Development (R&D) Tax Credits and the Employee Retention Credit. During her seven-year tenure as a Senior Consultant, Jeneanne conducted over 500 R&D and Employee Retention Credit Studies and delivered over $65 million in tax credits.

Since arriving at Figure, Jeneanne has overseen the compliance of all ERC studies with the IRS requirements. Jeneanne also co-created the process for the research and interpretation of governmental orders. She has personally reviewed over ~$100 million of ERC claims. Jeneanne is also our expert on controlled groups. Her experience includes analyzing complex ownership structures to identify aggregated groups.

Notable Achievements

Oversaw the quality control review of several controlled groups totaling $14 million of ERC for a client in the senior living industry.

Languages

English
French

Contact: 307-395-2327 Jeneanne.orlowski@figurefinancial.com

Education

Boston University, Master of Laws (LL.M.) in Taxation, 2020
University of Louisville Brandeis School of Law, Juris Doctor (J.D.), 2018
University of Louisville, Bachelor of Arts (B.A.) in English, 2014

Professional Admissions

State Bar of Kentucky (active and in good standing)
State Bar of Indiana (active and in good standing)

Professional Experience

Following graduation from law school, Caitlin first practiced tax and corporate law in Louisville, Kentucky at a prestigious law firm and the largest global law firm by attorney number. Her focus was on tax and business planning strategies, which involved, among many other items, forming corporations and partnerships, dissolving and consolidating businesses, and planning and drafting documents for multi-million-dollar mergers and acquisitions (M&A).

In 2022, Caitlin decided to go in-house and join the growing team at Figure. Since arriving at Figure, Caitlin has assisted with and overseen governmental order studies dealing with the employee retention credit and IRS substantiation efforts. Caitlin has also conducted research regarding such tax credit and its aggregation rules, and has communicated with countless clients on all of these issues and more.

Contact: 502-475-5439 caitlin.rieser@figurefinancial.com

Education

Argosy University, Master of Arts – Forensic Psychology, 2012
Texas A&M University, Bachelor of Science – Psychology, 2009

Professional Experience

Following graduation from graduate school, Stephanie worked in several accounting roles for a global provider of cutting-edge IT solutions for the healthcare industry. During her ten-year tenure, moving from an Account Representative to Director, Stephanie lead the order-to-cash team, consisting of 25 fully remote individuals. She contributed to significant operational improvements in the organization’s internal processes and cross-departmental collaboration.

Since arriving at Figure, Stephanie has personally processed over $20 million of ERC claims. Stephanie primarily supports the product team, maximizing performance and production as well as handling communications with the different parts of the department and other external parties to ensure smooth operations.

Upon completing graduate school, Stephanie began her career as an office manager for a medical software company. After transitioning to an order processing role, Stephanie quickly climbed the operations accounting ladder where she landed as Director of the Order-to-Cash department. Remaining in the healthcare IT industry for 10 years, working through two major acquisitions, Stephanie strived to identify and solve gaps, improve efficiencies, and strengthen cross-departmental collaboration. In leading a team of 25 employees, Stephanie learned the value of empowering people, providing exceptional internal and external customer service, and helping her colleagues understand how their individual efforts contribute to overall success.

In 2022, Stephanie joined the Figure Financial product team, where she played a direct role in processing over $20M in tax credits for small businesses. She soon became the product team coordinator, using a wealth of experience and a proven track record of leadership, strategic thinking and operational excellence to contribute to the success of our organization. In her current role, Stephanie works closely with our business leaders to ensure seamless communication and collaboration across all departments. She plays a pivotal role in executing key strategic initiatives, streamlining operations, and driving organizational effectiveness.

Phone: 307-241-5026

Email: Stephanie.Piepenburg@figurefinancial.com

With a dynamic career spanning over two decades, Reggie has demonstrated exceptional leadership in various roles, driving business growth and fostering a culture of success. His strategic insights and commitment to excellence have left an indelible mark on the companies and teams he has led.

Reggie’s leadership style has garnered praise from colleagues, with commendations for his genuine, thoughtful and inspiring approach. His colleagues highlight his servant leadership, calm demeanor and analytical approach, showcasing Reggie as an influential figure in the industry.

Outside of work, Reggie is a musician of multiple genres and often performs live as a bassist with a band, his church praise band and orchestra. Reggie enjoys mountain biking and has a heavy rotation of Beachbody fitness programs that he often coerces his fitness friends to participate in with him.

Lindsey Williamson brings a wealth of strategic leadership and operational expertise to her role as Chief Operating Officer at Figure Financial. With a relentless commitment to excellence and a proven track record of driving organizational success, Lindsey is a driving force behind Figure Financial’s innovative solutions and operational efficiency.

Lindsey has a distinguished background in business and operational excellence, having spent over a decade honing her skills in optimizing operational systems and processes. Prior to joining Figure Financial, she held key leadership positions where she spearheaded transformative initiatives, streamlining workflows and enhancing overall business performance.

As COO, Lindsey plays a pivotal role in shaping Figure Financial’s operational strategies and ensuring seamless execution across all facets of the organization. Her forward-thinking approach and strategic vision have been instrumental in positioning Figure Financial as a trailblazer in the ever-evolving financial landscape.

Lindsey’s impact is evident in continued growth and innovation in each role she holds. She has successfully led cross-functional teams, driving initiatives that have resulted in increased operational efficiency, enhanced customer experiences, and sustained profitability. Lindsey’s ability to navigate complex challenges with grace and precision has earned her a reputation as a dynamic and results-driven leader.

Known for her unwavering commitment to excellence, Lindsey is dedicated to fostering a culture of innovation and continuous improvement at Figure Financial. Her collaborative approach and emphasis on teamwork empower her colleagues to excel, creating a workplace that thrives on creativity and productivity.

Lindsey’s professional journey is distinguished by a wealth of practical experience and an unwavering commitment to continuous learning, equipping her with the requisite skills and knowledge essential for excelling in her daily mission at the highest level.

Lindsey’s leadership at Figure Financial exemplifies a commitment to operational excellence and a strategic mindset that propels the organization to new heights. Under her guidance, Figure Financial continues to redefine industry standards and deliver unparalleled value to its clients.

Lindsey and her husband Robb have been married for 19 years. They enjoy traveling to experience other cities, food, and football. She enjoys getting exercise and exploring the outdoors, but can also be found enjoying a good movie binge on the couch.

Bryce started his career in institutional asset management at Goldman Sachs. While with the firm he specialized in high yield fixed income securities. Following his time at Goldman, he performed internal strategy for a series A funded tech startup before moving on to work in corporate development for a public technology company where he executes due diligence on over $400 million in M&A transactions. Most recently, he has consulted for various venture capital firms and raised his own real estate fund helping homeowners increase accessibility to home ownership.

Outside of work you will find Bryce spending time with his family or enjoying his love for athletics.

Education

Brigham Young University, Bachelor of Science – Computer Science

Professional Experience

Meet Jeff Young, a wizard in streamlining business processes and integrating systems seamlessly. With extensive experience in Enterprise Resource Planning and web development, Jeff’s business technology expertise is unparalleled.

After graduating from Brigham Young University, Jeff has spent most of his time as a consultant for businesses that are experiencing the technological growing pains that come with wild success.

Jeff is the go-to guru for ERP systems and tech overhauls. He’s implemented transformative changes for five midsized companies, learning the nuances of three different ERP systems along the way.

His knack for innovation led him to develop a credit card processing and payment reconciliation platform, handling over a million consumer transactions—a testament to his attention to detail.

When he’s not revolutionizing the business world, you can find Jeff on the soccer field, coaching and playing with equal enthusiasm. And if there’s fresh snow, he’s shredding it on skis or a snowboard.

Away from the hustle, Jeff finds solace in books, studying the mysteries of universes both real and imagined. He also finds peace in sincere conversations with his wife and kids beneath the stars. His ability to balance the complexities of business with the finesse of hobbies is a testament to his multifaceted talents.

Languages

English

Spanish

Mandarin

Our Team

Meet the Team

REGGIE KURTZE

LINDSEY WILLIAMSON

BRYCE WHITING

JEFF YOUNG

Stephanie Piepenburg

ASHLEE HALL, ESQ., CTC

Travis Slade, CPA

JENEANNE ORLOWSKI, Esq.

CAITLIN RIESER, ESQ.

Frequently Asked Questions

FAQs

Travis Slade, CPA

ASHLEE HALL, ESQ., CTC

JENEANNE ORLOWSKI, Esq.

CAITLIN RIESER, ESQ.

Stephanie Piepenburg

REGGIE KURTZE

LINDSEY WILLIAMSON

BRYCE WHITING

JEFF YOUNG