The IRS warned taxpayers to review Employee Retention Credit guidelines carefully before trying to claim the credit. It cited third parties encouraging people to claim the credit despite being ineligible.
Many third parties are aggressively promoting these credit schemes on the radio and online in the middle of tax season. Many of the companies either charge large upfront fees or a fee that varies based on the amount of one's tax refund, according to a news release from the IRS.
"Anyone who is considering claiming this credit needs to carefully review the guidelines," O'Donnell said."If the tax professional they're using raises questions about the accuracy of the Employee Retention Credit claim, people should listen to their advice. The IRS is actively auditing and conducting criminal investigations related to these false claims. People need to think twice before claiming this.
The Employee Retention Credit is defined by the IRS as a refundable tax credit intended for businesses that either continued paying employees while shut down during the COVID-19 pandemic or had significant declines in gross receipts between March 13, 2020, and Dec. 31, 2021. Taxpayers who are eligible to claim this credit can do so on an original or amended employment tax return for a period within those dates.
If a taxpayer improperly claims this credit, it could result in the taxpayer being required to repay the credit along with penalties and interest.
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