{"id":27711,"date":"2023-02-06T08:00:00","date_gmt":"2023-02-06T14:00:00","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=27711"},"modified":"2023-02-03T09:42:41","modified_gmt":"2023-02-03T15:42:41","slug":"managing-the-erc-misinformation-epidemic","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/managing-the-erc-misinformation-epidemic\/","title":{"rendered":"Managing the ERC misinformation epidemic"},"content":{"rendered":"\n<p class=\"has-large-font-size\"><strong>Executive Summary<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The IRS is cracking down hard on bogus ERC claims. Auditors are being specially trained in this area.<\/li>\n\n\n\n<li>Make sure your clients have a provider to help them who knows what they\u2019re doing\u2014and will still be around to help them several years down the road.<\/li>\n\n\n\n<li>Contrary to what the ads may say, ERC money is not drying up soon. Advise your clients to take their time to get their claim done right, and always refer firms who will stand by your clients in case of an audit.<\/li>\n<\/ul>\n\n\n\n<p>I\u2019m sure you\u2019ve heard the radio ads urging business owners to call the toll-free number immediately if they were impacted by <a href=\"https:\/\/accountants.intuit.com\/taxprocenter\/tag\/covid-19\/\" target=\"_blank\" rel=\"noreferrer noopener\">COVID-19<\/a>. \u201c<strong><em>You could be entitled to up $26,000 per employee in refunds from the IRS. Call Today! Don\u2019t Delay!\u201d<br><br><\/em><\/strong>The breathless announcer is, of course, referring to the <a href=\"https:\/\/taxprocenter.proconnect.intuit.com\/practice-management\/how-a-niche-in-employee-retention-credits-drives-profitability-and-growth\/\" target=\"_blank\" rel=\"noreferrer noopener\">Employee Retention Credit<\/a> (ERC) or the Employee Retention Tax Credit (ERTC), even though the two acronyms are not mentioned by name. The nice people answering the toll-free phone number won\u2019t require upfront fees from the business owner and promise to get them IRS money, even if they did or did not receive a Paycheck Protection Program loan.<\/p>\n\n\n\n<p>You may have clients who have been contacted by credit specialists or other pop-up shops that sprung up since 2020. They promise to help businesses qualify for valuable tax credits as a result of keeping employees on the payroll during the pandemic.<br><br><strong>Wait! Didn\u2019t the ERC program sunset at the end of 2021?<\/strong> Yes, it did, but you still have several more years to amend your return and file a claim. Contrary to the ads, ERC money is <em>not<\/em> going to run out any time soon. You don\u2019t need to act today \u201cwhile operators are standing by.\u201d Advise your clients to take the time to get their study done right and see how the potential court cases play out. Let\u2019s see if any rulings come out that change the current IRS guidance.<\/p>\n\n\n\n<p>Just remember, your clients must legitimately qualify for the credit. In most cases, they would have to meet the defined drop in revenue criteria or show they were shut down during the pandemic due to a government order. Just because the pandemic made it tougher to do business does not necessarily mean your clients qualify for the ERC. And the IRS is cracking down on fraudulent or erroneous claims, so be sure you have an experienced and trustworthy provider assisting you\u2014preferably one who knows what they are doing and who will still be around in a few years, in case your clients are audited.<\/p>\n\n\n\n<p>Another thing the radio ads won\u2019t tell you about is how long it takes to receive a refund. This isn\u2019t a scratch-off game! As my colleague <a href=\"https:\/\/tri-merit.com\/staff\/nicholas-pantaleo\/\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Nick Pantaleo<\/a>, mentioned on a <a href=\"https:\/\/tri-merit.com\/podcast\/erc-roundup\/\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>recent podcast<\/strong><\/a> we did together, any credit more than $100,000 per quarter is subject to extra review. You should expect a delay of at least nine to 12 months for a refund to arrive. Another podcast panelist, <a href=\"https:\/\/www.troutcpa.com\/about-us\/leadership-team\/dan-chodan?hsLang=en\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Dan Chodan<\/a>, a partner at Trout CPA, said: \u201cWe\u2019re in a \u2018holding pattern\u2019 while all the IRS agents are being trained to do ERC audits.\u201d<\/p>\n\n\n\n<p class=\"has-x-large-font-size\"><strong>One size does not fit all<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/myboyum.com\/leadership\/chris-wittich\/\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Chris Wittich<\/a>, a partner at Boyum Barenscheer, reminded my podcast listeners that every company\u2019s situation is different. But he said pop-up shops tend to rely on generic arguments, such as \u201csupply chain disruption\u201d or \u201cOSHA restrictions.\u201d Using a one-size-fits all solution is less work on the provider\u2019s part, and they know if that if they use the claim enough, it will eventually stick, lamented Wittich. But the generic argument doesn\u2019t necessarily apply to your client\u2019s business and could result in a much smaller credit than they truly deserve.<\/p>\n\n\n\n<p>Chodan said incorrect filings done by unqualified preparers, such as upstart credit companies, can make things \u201cvery ugly\u201d from a financial reporting perspective. \u201cFinancial statement auditors are reviewing ERC claims to understand whether the position would be sustained on an IRS audit,\u201d he added. \u201cIneligible claims must be recorded as liabilities and material noncompliance must be disclosed. These impacts will linger on financial statements for years to come over the audit statute period.<\/p>\n\n\n\n<p>The IRS and AICPA have been calling for a <a href=\"https:\/\/www.accountingtoday.com\/news\/irs-and-aicpa-call-for-crackdown-on-bogus-employee-retention-credit-claims\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">crackdown on bogus ERC claims<\/a>. As the old saying goes, if it sounds too good to be true it probably is. \u201cI still get calls from clients who were up and running throughout the pandemic, but still think they you can get $26,000 per employee because the radio ad said so,\u201d said Chodan.<\/p>\n\n\n\n<p>Wittich reminds clients and other business owners that the IRS is coming hard after fraudulent claims. In audits, he said the IRS will be asking taxpayers how they found out about the ERC and who did their calculations. \u201cYou can\u2019t always know who did the work just by looking at the 941X, since ERC shops often won\u2019t sign the form,\u201d said Wittich. \u201cIf they\u2019re not willing to sign your 941X, why would you hire them to do your study? So if your provider can\u2019t provide a specific executive order number or state order number, that\u2019s a red flag, too, and you need to disengage.\u201d<\/p>\n\n\n\n<p class=\"has-x-large-font-size\"><strong>Be an advisor to your clients<\/strong><\/p>\n\n\n\n<p>The pandemic was tough on all of us. If your client\u2019s business was deemed non-essential and significantly impacted by mandatory restrictions, then it\u2019s worth looking into the ERC. Just know that the rules are complex and enforcement over fraudulent claims is getting tougher. Don\u2019t go it alone. Make sure your clients work with a provider that has their best interests in mind\u2014and will be around to assist down the road.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bogus radio and TV ads are just part of the problem. Understand how you can help your clients with their Employee Retention Credits in this insightful article by Randy Crabtree, CPA.<\/p>\n","protected":false},"author":144649058,"featured_media":27712,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[116807],"tags":[646041848],"intuit_collection":[],"intuit_series":[],"coauthors":[646041860],"class_list":["post-27711","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-practice-management","tag-tax-advisory"],"header_image":"","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Managing the ERC misinformation epidemic - Tax Pro Center | Intuit<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/managing-the-erc-misinformation-epidemic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Managing the ERC misinformation epidemic - Tax Pro Center | Intuit\" \/>\n<meta property=\"og:description\" content=\"Bogus radio and TV ads are just part of the problem. 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