![]() ![]() "Anyone who is considering claiming this credit needs to carefully review the guidelines. "While this is a legitimate credit that has provided a financial lifeline to millions of businesses, there continue to be promoters who aggressively mislead people and businesses into thinking they can claim these credits," said Acting IRS Commissioner Doug O'Donnell. And the promoters may not inform taxpayers that wage deductions claimed on the business' federal income tax return must be reduced by the amount of the credit. These promoters charge large upfront fees or a fee that is contingent on the amount of the refund. The IRS and tax professionals continue to see third parties aggressively promoting these ERC schemes on radio and online. WASHINGTON - The Internal Revenue Service today issued a renewed warning urging people to carefully review the Employee Retention Credit (ERC) guidelines before trying to claim the credit as promoters continue pushing ineligible people to file.
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