Tax,
Labor/Employment
Sep. 27, 2023
Employee retention credits prompt IRS audits
Though there are plenty of legitimate ERC claims, there have been fraudulent ones too. As a result, businesses that legitimately claimed the ERC are being audited. In that sense, it is an unsettling time.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Have you heard all those TV and radio ads about getting $26,000 per employee from the federal government? In the early and middle stages of the pandemic, the PPP, the Paycheck Protection Program, was probably the most discussed business bailout provision that Congress offered. But later--including now--it is the Employee Retention Credit that is getting the most hype. Like the ads say, the ERC can net you up to $26,000 per employee, even if you got a PPP loan that wa...
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