EMPLOYEE RETENTION CREDIT 5 MYTHS – MYTH NO. 1
By Kent Brown, Your IRS Tax Attorney
(Strong & Hanni)
SALT LAKE CITY, UTAH – If you are a business owner applying for the ERC, you may have been guaranteed $26,000 per employee by a third-party ERC preparer. The IRS recently cautioned taxpayers applying for the ERC to do so with their eyes-wide-open as to those to-good-to-be-true promises. It is important to get it right as to whether your business is eligible for this tax credit. The IRS recently published a 72-page training guideline for its tax examiners. So, time to sharpen your pencil and understand the five new myths about the ERC. MYTH NO. 1: If you were affected by COVID you are automatically eligible for the ERC!By now, most business owners know there are two paths to qualify for the ERC; Revenue decline; and Impact on the business. Many taxpayers believe – and wrongfully so —...
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