People are urged to carefully review the Employee Retention Credit (ERC) guidelines before trying to claim the credit as promoters continue pushing ineligible people to file, the IRS announced. The IRS and tax professionals continue to see third parties aggressively promoting these ERC schemes on radio and online. The promoters charge large upfront fees or a fee that is contingent on the amount of the refund. And the promoters may not inform taxpayers that wage deductions claimed on the business’s federal income tax return must be reduced by the amount the credit. [IR-2023-40 (Mar. 7, 2023)]
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