Home | Join Us | Directory | Events

East Bay Chamber of Commerce

  • Membership Directory
  • Why Join
    • Become a Member
    • Artisan Membership
    • Networking & Exposure
    • Market Your Business
    • See Who's Joined
  • Member Benefits
    • Member to Member Discounts
    • Free Marketing Tools >
      • Ribbon Cuttings
      • Chamber Blog
      • Event Calendar
      • Speaker's Bureau
      • Bay Bucks >
        • Participating Businesses
    • Premium Marketing Tools >
      • Making Connections
      • Tuesday at Two
    • Networking Groups >
      • WEBOND
      • CEO Manufacturers Round Table
      • EBYP
    • Coggno Online Training
  • Economy
    • Existing Business Support
    • Starting a Business >
      • East Providence
      • Barrington
      • Bristol
      • Warren
    • State Government
    • RI Chamber Coalition
    • Job Bank
  • Events /Tourism
    • Chamber Events
    • Community Events
    • Submit an Event
    • Bristol County >
      • Points of Interest
      • Map of Area
    • Plan Your Visit
    • Shop Local
    • Live & Work >
      • East Providence
      • Barrington
      • Bristol
      • Warren
  • Member Login
  • About Us
    • History
    • Board of Directors >
      • Chairman's Message
    • Committees
    • Membership Directory
    • Affiliates & Associates
    • Contact Us
  • Blog
  • Membership Directory
  • Why Join
    • Become a Member
    • Artisan Membership
    • Networking & Exposure
    • Market Your Business
    • See Who's Joined
  • Member Benefits
    • Member to Member Discounts
    • Free Marketing Tools >
      • Ribbon Cuttings
      • Chamber Blog
      • Event Calendar
      • Speaker's Bureau
      • Bay Bucks >
        • Participating Businesses
    • Premium Marketing Tools >
      • Making Connections
      • Tuesday at Two
    • Networking Groups >
      • WEBOND
      • CEO Manufacturers Round Table
      • EBYP
    • Coggno Online Training
  • Economy
    • Existing Business Support
    • Starting a Business >
      • East Providence
      • Barrington
      • Bristol
      • Warren
    • State Government
    • RI Chamber Coalition
    • Job Bank
  • Events /Tourism
    • Chamber Events
    • Community Events
    • Submit an Event
    • Bristol County >
      • Points of Interest
      • Map of Area
    • Plan Your Visit
    • Shop Local
    • Live & Work >
      • East Providence
      • Barrington
      • Bristol
      • Warren
  • Member Login
  • About Us
    • History
    • Board of Directors >
      • Chairman's Message
    • Committees
    • Membership Directory
    • Affiliates & Associates
    • Contact Us
  • Blog

​IRS Stops Employee Retention Credit Claims!

9/20/2023

0 Comments

 
CPA​IRS Stops ERC claims!
The Employee Retention Credit (ERC) has gained wide publicity and numerous shops have popped up all over the United States and unfortunately many have been “false advertising” about businesses eligibility and how much money they will receive. We receive at least five calls per week offering to “gets us the money that is owed to us,” and messages that “you could receive up to $26,000 per employee.” These types of claims have caused an unprecedented IRS response. A recent moratorium on the processing of new claims has been enacted, at least through the end of this year.
If you were legitimately eligible for the ERC (employee retention credit) your CPA could have run some computations to help you determine your eligibility.  There were a few hurdles to jump over, and there wasn’t just “free money” out there because you had employees. The credit was refundable and based upon a business’s ability to pay workers through the COVID-19 pandemic even if their operations were fully or partially shut down or for those that saw a significant decline in gross receipts during the eligibility period. The credit was claimed on an amended form 941 (quarterly payroll tax return) generally for the periods of March 31, 2020, to September 30, 2021.
Due to a slew of recent claims within the last 90 days, the IRS Commissioner reacted with the moratorium, because he said, these claims should be dissipating and not increasing. There have been criminal investigations and convictions related to false claims. To learn more, see this article in the Journal of Accountancy:  https://www.journalofaccountancy.com/news/2023/sep/tsunami-of-erc-claims-required-irs-action-halt-fraud-experts-say.html

​submitted my M Hughes CPA & Company, LLC
0 Comments



Leave a Reply.

    Categories

    All
    Chamber News & Updates
    Meet Our Members
    Member News & Press Releases
    Ribbon Cuttings
    Under The Dome

    Archives

    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    November 2022
    September 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    September 2021
    August 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    October 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016

    RSS Feed

Copyright East Bay Chamber of Commerce. All rights reserved.
16 Cutler St., Warren, RI 02885 
Phone: (401) 245-0750  |  Fax: (401) 245-0110  | [email protected]