On this episode of The Small Business Radio Show…
A lot of small businesses have applied for the Employee Retention Credit (ERC) from the IRS and received hundreds of thousands and sometimes even millions of dollars. The IRS recently took the unusual step of announcing it was suspending any new applications for the ERC program because they believe it is filled with small businesses fraudulently applying and many don’t actually qualify for the program.
Here to discuss the new developments in the ERC program is Jay Woods who is the Founder & President of Omega Accounting Solutions.
- What is the Employee Retention Credit (ERC)?
- How the demand overwhelmed the IRS and CPA industry and created a new industry
- What is happening with fraudulent ERC mills?
- Why the IRS is freezing the Employee Retention Credit claim program
- What you should do if your business currently has an ERC claim on file
- What to be aware of if you’ve already received ERC money
- How long will it take to get an ERC refund now? Is there any way to get the refund faster?
- Was the ERC program a net positive initiative?
- What should business owners do if they were planning to file a new ERC claim?
- Where can small businesses go to learn more?
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