ERC

December 27, 2023

IRS Updates on the New ERC Voluntary Disclosure Program (VDP)

IRS Updates on the New ERC Voluntary Disclosure Program (VDP) By Ashlee Hall, Esq., Director of Legal Services for Figure Financial, Inc. More information on the new ERC Voluntary Disclosure Program (VDP) and the rights the IRS requires the taxpayer to give up in exchange. Taxpayers should never take the prospect of waiving rights to the government… Continue reading IRS Updates on the New ERC Voluntary Disclosure Program (VDP)

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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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