It is important to note that the IRS has set aside money for eligible businesses to claim. However, some business owners are being misled by tax preparers who are not ERC payroll tax specialists, and as a result, they are being told they do not qualify for a payroll tax refund.
The ERC refund started in the second quarter of 2020 to the third quarter of 2021. The business’s income taxes must be completed to file for the ERC refund. Here is where a big problem is about to start. The IRS allows up to three years for businesses to claim their ERC refund. The ERC refund program began on March 15, 2020. Business owners say my Accountant, CPA, or Tax Preparer will handle my ERC refund. March 15 2023 is not far away.
Here are some of the ERC’s misinformation businesses are being told.
- At the beginning of the ERC program, businesses that received a PPP loan could not apply for an ERC tax refund. However, in November 2021, the ERC program was updated, and companies can now apply for ERC tax refunds if they receive a PPP loan.
- Business owners are being told; ERC is a scam. When you go to the IRS website, it talks about ERC. Some ERC prepares to ask for money upfront, which could be considered a scam. An ERC specialist will make the payroll tax refund application upfront at no cost. There is a contract for the business owner to pay an ERC specialist only if they receive a refund from the IRS
- Business owners are being told; they do not qualify for the ERC payroll tax refund because they have too many employees. For the 2020 tax year, businesses can only have up to 100 employees; anything over that will show a zero refund for that year.
For the 2021 tax year, businesses can have up to 500 employees. However, tax preparers are not conveying to enterprises that the max 500 employees are based on the EIN of the company.
Example:The leading company bought three other businesses. They now have 1,500 employees. If the three other companies fill their taxes with their own EINs and have less than 500 employees, they will still qualify for the ERC payroll tax refund.
The ERC program only has money to cover some of the businesses in the US. This is a first come, first serve Government program. Every day forward, starting March 15 2023 the ERC refund will begin to diminish. Businesses will start losing money on the ERC refund they can qualify for. They still can be eligible for an ERC refund, but not the total amount.
The tax preparer has your completed 2020 tax returns. So let the ERC specialist process your 2020 tax returns, also. Whoever has a completed application with the highest refund amount submits that application to the IRS, and the company wins either way.
Tell your tax preparer there’s no upfront cost for the submission, and the company only does ERC tax refunds. They’re not trying to take your customer.
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