There is a huge problem for anyone who unlawfully claimed the employee retention tax credit.
It’s reported to be the largest tax fraud scheme in American history coming in at an estimated 2 TRILLION dollars. See an example of an IRS letter, for an ERTC refund claim. $468 thousand dollars for 18 employees at $26 thousand dollars each.
If you didn’t know, the IRS is holding any ERC for claim over $200,000 per quarter, for additional scrutiny.
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Do you have questions about What Do You Do if You Can’t Pay Your Taxes? I’m an Illinois-licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.
Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.