Scammers Look to Exploit Employee Retention Credit

You have likely been receiving numerous solicitations relative to the Employee Retention Credit (“ERC”). The ERC is a pandemic-era federal tax credit of up to $26,000 per employee. Of course, business owners must determine their eligibility, and navigate the appropriate deadlines. Not surprisingly, the large sums at stake and general confusion on the subject have attracted a variety of scammers—so much so that the IRS has released several warnings on the subject.

Business Takeaway: Many business owners already feel like they’re underwater in navigating the deadlines, requirements, and other elements of the ERC. Don’t invite additional issues. Be cautious with the various ERC solicitations you will likely continue to receive. For now, perhaps the best place to begin is the IRS Comparison Chart. Does your business meet the eligibility requirements?