Goldburd | Goldburd McCone LLP

For nationwide tax guidance, call:
212-235-1537 or toll-free at 866-712-9505.

Goldburd | Goldburd McCone LLP

For nationwide tax guidance, call: 212-302-9400 or toll-free at 844-653-2873.

Serving Individual And Corporate Tax Clients Nationwide From Our New York, New Jersey, Florida And California Offices

Steven Goldburd and Benjamin A Goldburd

Since 1983, our tax firm has skillfully represented individuals and corporations across the United States and around the globe from our offices in New York, New Jersey, California and Florida.

The ERC in 2024: What Employers Need to Know

by | Jul 7, 2024 | Business Tax

No one wants an IRS audit letter to arrive at their door, and lately, many SMBs are facing them. The era of the ERC is far from over, and long from solid.

What Employers Should Know

If you run a small business, you’ve likely heard of the Employee Retention Credit (ERC). A program enacted in 2020, to relieve some pandemic-associated economic and employment troubles, the ERC tax credit has caused more stress and panic than relief. The IRS said the eligible quarters for the ERC were 2020 (Quarters Q2-Q4) and 2021 (Q1-Q3).

In 2024, the confusion has compounded, as more ERC mills strive to make their final dollar, and IRS information is lackluster and rarely well-defined; leaving business owners who applied in a state of subtle, creeping panic. Whether you filed for the ERC yourself or enlisted the help of a professional, the idea of an employee retention credit audit is daunting but very real.

The IRS is slowly providing more information about the program and which business owners need to prepare for auditing, penalties, and repayment. In typical IRS fashion, this information is difficult to understand, and often less than helpful.

The basics? A tax professional can help you navigate the complexities of the ERC and communications with the Internal Revenue Service. At Goldburd McCone, our attorneys are well-versed in the employee retention credits’ confusing stipulations and requirements. Preparing for any potential issues with your filings can be crucial to minimizing penalties. If you have any questions about the ERC or are concerned your filings may be fraudulent or incorrect, contact us.

What do I do if I hired an ERC mill?

If you opted to hire help with filing for the employee retention credit, and are concerned about their credibility, hiring a tax professional to answer your questions, ensure you met the requirements for the credit, and guide you through the process of amending any tax issues.