The Secret: Be extremely cautious about the business that submits your claim.
CHICAGO, NOVEMBER 1: Modern federal tax forms are available at Internal Revenue Service offices… [+] GETTY PICTURES
The Employee Retention Credit (ERC) program is likely the most significant grant program in history for small company owners, non-profits, private schools, and other organizations with 5-500 employees. Not filing a claim to recover part of the tax money you paid to the government during Covid is a squandered opportunity. There’s no reason to be afraid as long as you don’t get greedy and choose the right business to make your claim.
We do not recommend that you file your ERC claim through a CPA. You must locate a reputable ERC Recovery company. To be honest, most CPAs are not proficient in filing grants; they are experts at filing taxes. The distinction is crucial.
The good news is that the money has been put aside, and the government wants you to claim it. The bad news is that because the quantity is large, the market has been saturated by pop-up, fly-by-night suitcase firms attempting to get in on the action. The greatest advise we can give to people who believe they may qualify but are puzzled by the market disinformation is to schedule a conversation with a reliable ERC recovery business. For the record, even if you generated a profit or got PPP funds, you can still qualify and are likely to obtain ERC grant funds.
Bottom Line Concepts is the company we suggest. They have been in business since 2009 and have assisted over 15,000 businesses in the United States in recovering almost $3 BILLION in ERC funds. Its clientele include 400 of the top 1000 businesses in the United States. Businesses such as Hilton Hotels, Rolex, McDonalds, and so on. By clicking here, you can plan a 10-minute Discovery Call with an ERC expert at a time and day that works for you. Depending on when you read this, there is a chance they will talk to you today. The good news is that, as of this writing, none of their clients have been audited due to their impeccable record with the IRS.
Bottom line has an excellent reputation and a direct route to the IRS. They are well-known for handling recovery papers swiftly and accurately while maximizing customer returns. They employ over 120 tax attorneys, forensic accountants, and support employees and have never had an ERC IRS audit with one of their customers. They are not one of these fad businesses. Here’s a hint: if the company’s name contains the letters ERC, that means it’s less than two years old and has no prior experience with government grants.
To be honest, with all of the fad businesses here today, gone tomorrow firms entering this market, I foresee a deluge of audits in the future due to submissions from companies that don’t actually understand what they’re doing but talk a nice ERC game.
Indeed, numerous firms have alerted us that their claims for the employee retention credit (ERC) are being audited by the IRS since we initially published this piece. This does not imply that these companies did anything illegal or that they would owe money to the IRS; it just shows that the IRS chose to evaluate their ERC claims. When you file with a firm like Bottom Line Concepts, whose great reputation is well known by the IRS, their favorable reputation speaks for itself.
It is unknown if these organizations were audited at random or if they were targeted because their audit was performed by a company with a negative reputation or a CPA who was not up to speed on the program’s numerous revisions.
Bottom Line Concepts has been in business since 2009, and its clientele include 400 of the top 1000 businesses in the United States. Thus, file your claim, but be cautious about who you entrust the recovery process to. Without a doubt, Bottom Line Concepts is the firm with the track record of success that will provide you with the peace of mind that most people want. The incorrect business filing your claim might, and we anticipate will, result in an audit for some in the future months.
The employee retention credit (ERC) started slowly but is still going strong today. It attracted little attention when it was initially implemented as part of the CARES Act on March 27, 2020, since taxpayers who got a forgiving loan under the payroll protection program (PPP) were barred from claiming the ERC. When the Consolidated Appropriations Act of 2021 repealed the ban nine months later, requests for the ERC skyrocketed. But Congress added fuel to the flames by making the regulations more permissive over time.
One unintended consequence of the ERC boom has been the emergence of tax credit firms giving bogus advice in exchange for exorbitant fees. Be especially aware of those who exaggerate their credentials or ability to offer ERC guidance. Some claim to have gotten special IRS training (they have not), while others claim to have particular understanding of the law for one reason or another (they do not – detailed ERC information about the program is available to anyone with an internet connection). One firm says that its concepts are “secret,” refuses to discuss them with independent advisers, and wants a $10,000 upfront fee only to check if you qualify for ERC Money.
It’s remarkable how many business owners fall for these kind of ruses.
Some of these firms’ written counsel to their clients is deficient. We’ve observed cases where a company sends the identical boilerplate tax note to many clients, despite the fact that the clients are in various industries and their eligibility is based on distinct variables. The memos are more than 20 pages long, yet just two or three lines of text appear to be changed. In IRS Notice 2021-20, Q&As 11-22, there is no discussion of the facts or analysis of the factors (the ERC claims at issue were all predicated on a partial suspension of business operations). The memoranda are so broad that they do not even qualify as tax counsel on which clients can rely in order to claim a reasonable cause defense to penalties.
Bottom Line Concepts is the only company we can definitely recommend in this field.
They have been working in the field of government grants and small company rehabilitation since 2009. At the time of writing, they have assisted over 15,000 businesses in recovering over $3 billion dollars. Bottom line is gaining popularity, and it continues to increase month after month. They handled roughly $4 billion in claims last month alone.
If their customers are audited by the IRS, several of these experts guarantee indemnity and audit help. When you consider that the majority of them have been in business for less than two years, these assurances are hollow. How probable is it that they will be around to help you if they messed up your claim after the ERC program officially ends in April of 2025?
Do you honestly believe the Treasury Department will distribute ERC funds and then audit all of those recipients? Much will depend on the reliability of the business that submits the claim for you. Bottom Line Concepts has handled over 15,000 claims and has not had a single client audit to yet.
On Tax Day 2019, People file their returns.
APRIL 15TH, WASHINGTON, DC: On April 15, 2019, the Internal Revenue Service (IRS) facility sits in… [+] GETTY PICTURES
The ERC rules are lengthy and complicated, and ERC claims are filed under penalty of perjury. If a company is worried about the analysis that underpins their claim, now is the moment to have it examined. Do not wait until the IRS comes knocking, since it may be too late by then.
To summarize, any small business in America that believes it may be eligible for the ERC credit should take five minutes to speak with a knowledgeable ERC counselor.
By clicking here, you can schedule a discovery call with a Bottom Line Concepts ERC specialist at a time and day that is convenient for you.
Best wishes!