Updates
Need to Withdraw an ERC Claim? Bowers Can Help.
October 20, 2023
IRS Announces Procedures for Withdrawing ERC Claims
Over the course of the past several years, you may have been approached by a “consultant” regarding eligibility and filing for the Employee Retention Credit (ERC). Many of these consultants, or “credit mills,” took aggressive – and in some cases erroneous – positions in determining eligibility for the ERC.
These credit mills often liberally applied the IRS guidance, potentially exposing taxpayers to substantial interest and penalties, while requiring significant up-front fees for preparing and filing the credit claim forms, but only limited recourse should the IRS disagree.
If you have filed for the ERC and have not yet received it but are concerned that the claim may not be valid – good news. Bowers CPAs & Advisors may be able to help.
On October 19, 2023, the Internal Revenue Service announced the procedures for withdrawing ERC claims for those that filed and are concerned about their validity.
If you have not cashed or deposited any ERC funds received from the IRS for which you applied, you are eligible to withdraw the claims without any penalties for filing incorrect returns or receiving money to which you may not be entitled.
If you have any questions, please do not hesitate to contact your Bowers tax professional or info@bcpllc.com.
About Bowers
Bowers aims to offer helpful information to our clients and friends. Learn more about how we can help should you need accounting and business consulting services.
Disclaimer: To ensure compliance with requirements imposed by the Department of Treasury, we inform you any U.S. federal tax advice contained in this document or video is not intended for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing, or recommending to another party any transaction or matter that is contained in this document.
