Today, the Internal Revenue Service (IRS) contacted OSAP and other industry organizations asking us to help them share information about the Employee Retention Credit (ERC) and the continually evolving scams related to the credit.
The Employee Retention Tax Credit, also called ERC or ERTC, is a valuable credit for businesses and tax-exempt organizations that may qualify for pandemic-related credit in 2020 and 2021. However, claiming the ERC improperly could result in someone having to repay the credit along with potential penalties and interest.
Recently, the IRS shared information on the warning signs of aggressive ERC marketing and details on how promoters lure victims. Please help your members protect themselves by sharing some of the attached IRS materials about ERC scams with your outreach communications.
Please select this link to download the multi-page flyer from the IRS.