Breaking News: IRS Puts Pause On Processing Employee Retention Tax Credit Claims
Tax Agency Worried About Fraud
Image Source: Wall Street Journal Website
September 15, 2023
From the desk of John Souza:
Dear Reader,
Have you ever found yourself on the brink of a tremendous opportunity, feeling the ground beneath your feet shake with potential...yet hesitating due to a nagging sense of unease?
Trust me, you're not alone.
Over the past year, I've been privy to a multitude of stories, whispers in the wind about the Employee Retention Tax Credit (ERTC).
While some were tales of success, more and more were mired in shadows.
Stories about entrepreneurs led astray...a wild west scenario wherein the gunslingers weren't rogue cowboys, but companies operating in this ecosystem...
The crux of the problem lies in how some firms choose to dance around compliance.
Guiding clients towards ERTC eligibility - even when they clearly do not qualify - by using client attestations.
The result?
A seductive mirage for business owners which turns into quicksand under scrutiny...
But yesterday was a pivotal day.
I recall a presentation held a couple months back at an event in Las Vegas.
In attendance was one of the senior director liaisons for the IRS.
At the close of that presentation, an unexpected thing happened...He walked over and congratulated us on our commitment to doing things right.
It wasn't just an idle observation.
We had an extended discussion on ERC's benefits, and perhaps more critically, its misuse within the ecosystem.
This meeting was no serendipitous encounter but one rooted in respect for a shared value: Compliance.
Now you might wonder why I'm recounting this.
Well, dear reader, it's because that conversation signaled change. Change that has finally come knocking.
Just recently, the IRS put a pause on processing 941 x forms - Employee Retention Tax Credit (ERTC) claims... sending shockwaves across companies that have been less than compliant.
Now, you might find my enthusiasm odd given this new development means slowdowns for some folks – but it's actually quite the opposite.
You see, compliance has been our mantra from the outset.
It's our unwavering compass guiding us on this tumultuous sea of tax credits, never once letting us veer off course.
Where some companies reel in uncertainty now, we remain steadfast and focused.
While client attestations might seem an easy way to affirm ERTC eligibility, it's a path we've consciously steered clear from...
Because we understand the real-world implications.
What happens when a business erroneously deemed eligible is asked by the IRS for a payback?
Imagine, reader, having used that money to reinvest in your operations - only to be told you must return it...
A nightmare scenario indeed and one we've worked tirelessly to protect our clients from.
It hasn't always been easy.
We've had partnerships terminated due to our refusal to compromise on eligibility checks.
But even faced with potential business losses, we didn't waver because our mission was clear – always doing right by our clients.
Our commitment has paid off in ways more profound than monetary gain.
We earned the recognition and respect of key industry players – even those within IRS circles.
This newfound pause by the IRS?
To me, it's a momentous day. A validation of all that we've advocated for over the past year.
But don't mistake this jubilation as complacency...if anything, it fans our drive into an even bigger flame.
We're doubling down on compliance, ensuring every iota of our process is up to snuff with regulations.
In an industry marred by deceptive practices and short-term gains, we continue to place faith in long-term benefits brought about by authenticity and fairness...
After all, it's not just about surviving but thriving – wouldn't you agree?
Yes, dear reader, today is indeed a great day - one that signals dawn breaking on a stormy horizon...
But amidst this celebration, let me leave you with a thought...
When navigating your path to financial recovery post-Covid, remember that all ERTC firms are not created equal.
Look beyond the shiny ads promising easy riches.
Question the compliance of their methods.
Ask the right questions and demand truthful answers... after all, it's not just about securing funds - it's about safeguarding your future.
To those who've stood steadfastly by our side, we thank you.
And to those who've yet to join us - we extend an open invitation...
Step onto the right side of compliance today.
It's a decision that will protect not only your business but also your peace of mind in these tumultuous times...
Because at the end of the day, dear reader, we serve more than just American entrepreneurs.
We serve the American dream – one guided by integrity, honesty and a staunch commitment to doing things right.
Until next time,
John Souza, Founder
"Our transportation company qualified for over $500k in total ERTC credits. Everyone on the team went the extra mile for us – patiently answering our questions. I really appreciate our account manager who guided us through each step of the process."
--- Betsy W. Transportation Company CFO, California
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