The Small Business Radio Show
#766 What’s going on with the Employee Retention Credit (ERC) for Small Businesses?
Nov 11, 2023
Jay Woods, Founder & President of Omega Accounting Solutions, discusses the Employee Retention Credit (ERC) program for small businesses, including the IRS's concerns about potential fraud. He also talks about the timeline and process of claiming the ERC from the IRS, as well as the benefits of using AnswerConnect's customer service support for small businesses.
16:41
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Quick takeaways
- The IRS has suspended new applications for the Employee Retention Credit (ERC) due to potential fraud in the system, leaving over 600,000 refund requests from small businesses pending.
- The ERC program has provided substantial refunds to small businesses, but businesses should be prepared for potential audits even after receiving their refund.
Deep dives
IRS Stops Accepting New ERC Requests
The IRS has announced that it will no longer accept new requests for the Employee Retention Credit (ERC) due to a backlog of over 600,000 refund requests from small business owners. The IRS suspects potential fraud in the system, leading to the temporary halt of new claims. The ERC program was intended to provide COVID-related relief to small businesses, with some receiving substantial refunds from the government. However, the IRS has raised concerns about the emergence of fraudulent ERC mills charging fees to assist businesses with their applications.
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