Teaser: Discover the top seven signs of incorrect Employee Retention Credit compliance as the IRS deadline approaches. Ensure accurate claims with Zari Financials’ expert guidance.
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As the March 22 deadline approaches, businesses are urged to scrutinize their Employee Retention Credit (ERC) claims for compliance. The IRS has heightened its scrutiny, prompting us, the experts at Zari Financials, to highlight seven red flags to watch for:
- Quarterly Overclaims: Ensure eligibility for each claimed quarter, avoiding unnecessary claims.
- Government Order Misinterpretation: Understand that ERC eligibility requires government-mandated suspensions due to the COVID-19 pandemic.
- Calculation Errors: Precise calculations are crucial to prevent overclaiming. Stay updated on evolving regulations.
- Dubious Supply Chain Claims: ERC eligibility based solely on supply chain disruptions is rare and warrants careful review.
- Claim Period Accuracy: ERC can only be claimed for wages paid during suspension periods. Accuracy is key.
- Invalid Wage Claims: ERC can only be claimed for periods with actual wage payments. Claims for non-existent wages or pre-existing periods are invalid.
- Misleading Promoters: Beware of promoters claiming “nothing to lose.” Protect your business from penalties and audits by ensuring accurate claims.
Act now to rectify any improper claims through the ERC Voluntary Disclosure Program, available until March 22, 2024. Don’t miss this opportunity to correct inaccuracies and avoid penalties.
Trust Zari Financials, the leading tax advisors, to guide you through Employee Retention Credit compliance. Contact us today to ensure your ERC claims are accurate and maximize your benefits.
