2024 ERC Update - Should You Give Back The Money?
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- เผยแพร่เมื่อ 30 ก.ค. 2024
- 2024 ERC Update - Should You Give Back The Money?
I'm tackling the big changes in the Employee Retention Tax Credit (ERC) Act and what it means for you as a small business owner. The question on everyone's mind is: should you return your ERC funds? With the IRS cracking down on ERC promoters, it's a tricky time, and I'm here to help you navigate these choppy waters.
It's not just about following the rules; it's about understanding how these changes impact your business on a practical level. I'll dive into what the IRS is up to and give you some straightforward advice on what your next moves should be.
This topic isn't just another news item for me; it's personal. I'll be going into one of my famous Jamie rants about why this really matters, especially for small businesses like ours. It's more than just numbers and policies; it's about the real-world effects on people like us. So let's figure this out together and make sure our businesses come out stronger on the other side.
Info on how to withdraw an ERC claim that hasn't been received yet:
www.irs.gov/newsroom/withdraw...
Info about the Voluntary Disclosure Program to pay back ERC:
www.irs.gov/coronavirus/emplo...
Form 15434 for Voluntary Disclosure Program:
www.irs.gov/pub/irs-pdf/f1543...
(Try a different web browser if this doesn't open for you)
Full text of Tax Relief for American Family and Workers Act:
www.congress.gov/bill/118th-c...
Looking for my ERTC Calculator? You can find it here: jamietrull.com/ertc
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**DISCLAIMER: This video is meant for educational purposes only. This is not to be relied on or considered a substitute for advice on your specific situation from your tax advisor.
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Its crazy how they want business to give money back but yet trillions of dollars are not accounted for and that is just a breeze in the wind
Super frustrating for sure!
Thank you for your sound advice and recommendations. Your opinion is highly valued!
Thank you!!
You are awesome! I love a good rebel! I also was telling people to avoid these ERC scammers. I bought your $27 spreadsheet and it was very, very helpful. Keep up the good work.
I'm glad I had an army out there telling people to watch out!! These guys were RELENTLESS.
I filed for my ERTC and haven't received any funds yet. Filed in August of 2023.
When should I expect my funds?
Thank You Ken Hurley
There has been a moratorium but it seems they have started processing claims again. Have you received yours yet?
I filed at the end of May 2023. IRS says they received everything on 6/9/23. I get a different answer every time I call. Yesterday I was told my file is ready for refunds to be issued but because of the moratorium they aren’t sending any out yet and have no idea when that will end. I was wondering if the moratorium might get lifted after the 3/22 withdraw date. Hopefully something positive soon!
Have you received your ERTC funds yet?
If a company qualifies correctly, they do not need to worry.
That is correct. It is just for those that were told they may qualify and actually don't but where companies filed the paper work anyway that need to worry. We have seen a lot of scams where this was happening.
You call it karma, I call it poetic justice. Either way, I agree with you. The unusual part of the ERC was that there was 2 different definitions of relatives in the same legislation. Definition for owner and definition for eligible wages. I wonder how many promoters told the victim that they had to amend their income tax returns.
From my experience, very few were up front about the tax implications. That's one way to tell a scammer!
Ugh...I never filed for the legitimate credit that I roughly calculated at $3500 using the spreadsheet. So guess I missed the boat....or maybe it's worth it to try to file this week and see if the filing date changes are enacted. They should just keep 4/15/2024 as the deadline for both 2020 and 2021 tax credits to be fair to small businesses. Anyway, prefer to have missed the credit than to have gotten caught up in a scheme.
There are no guarantees but it could be worth a try - just make sure not to pay one of these companies to file it for you!
What are your thoughts on innovation Refunds? Scammy or were they more legit?
@@ToddBauer www.bbb.org/us/ia/west-des-moines/profile/tax-consultant/innovation-refunds-0664-32147635/complaints
Hey Jamie yeah people who have problems go to the BBB. Almost every company that’s in business ends up having a customer file a complaint on the Better Business bureau. I guess I’m more interested in if the government is pursuing innovation refunds under the ERC promoter clause.
We won't know that of course, but they fit a lot of the description the IRS has given on what they consider to be an ERC Mill (aggressive promotion and hefty percentage fees).
Any idea when the moratorium will end???
Have you already filed? If not, you can still file now. Because of the bill moving through congress, it's unlikely that anything filed from this point on will actually be processed. That said, if you have already filed during the moratorium, I would guess they will start processing claims from the beginning of the moratorium through the date of the end of the program (currently proposed to be Jan 31 2024 in the legislation working its way through congress) sometime after March 22nd and when the legislation has been signed into law.
We filed around the end of November, haven't heard anything yet, curious your opinion on when it will end. I heard best case scenario would be sometime this summer 🤷
Unfortunately the small business owners will take the brunt end of this debacle and I know people who processed these at a ridiculously low percentage compared to others and were misguided on the process from the jump. My friends were NOT an erc mill and now will be held accountable for the ones they CANT catch. So careful who you're wishing this "karma" on.