Avoid IRS Penalties: Act Now to Correct and Update Your ERC Claims

In the evolving Employee Retention Credit (ERC) landscape, proactive compliance is crucial. G&S Accountancy (GNS) navigates these complexities, ensuring your claims comply with IRS regulations and helping you leverage financial opportunities effectively to avoid IRS penalties.

Current State of the ERC Program

Currently, the IRS processes ERC applications filed before the announced moratorium date but is not accepting new applications until further notice. This has created a backlog, and many businesses are still awaiting the processing of their claims. G&S Accountancy stays updated on the latest IRS announcements and guidelines, assisting you in understanding where your application stands.

Services We Offer:

1. Status Updates on Filed ERC Claims: If you’ve already submitted your ERC claim and are waiting for an update, we can help you determine the current status and provide insights on expected timelines based on the latest IRS processing schedules.
2. Evaluation of Claim Accuracy: Unsure if your ERC claim was filed correctly? Our team offers comprehensive reviews of previously filed claims to ensure they meet all IRS requirements, helping you avoid potential audits or rejections.
3. Filing Corrective Amendments and Protective Claims: It’s essential to amend income tax returns upon applying for the ERC—not after receiving the credit. We guide businesses through the process of amending returns correctly and filing protective claims. These claims are crucial as they safeguard the ability to claim a refund, even if the amendment window closes due to the statute of limitations.
4. Guidance on Supply Chain Disruption Claims: For claims related to supply chain disruptions, specific criteria must be met. We ensure your claim accurately reflects these conditions, enhancing the likelihood of acceptance by the IRS.
5. Strategic Filing of Amendments and Protective Claims: With current IRS scrutiny, it’s vital to file any amendments and protective claims promptly. Extensions may prolong the statute of limitations, allowing amendments to be filed effectively. We help ensure that these filings are done as soon as possible to maximize your benefits and maintain compliance.

IRS Enforcement on Incorrect Claims

The IRS is actively pursuing incorrectly filed claims, with increased efforts to identify and rectify fraudulent or mistaken filings. This makes it more important than ever to ensure your business’s compliance and accuracy in ERC applications.

Don’t let the complexities of the ERC process put your business at risk. Contact G&S Accountancy today to ensure your claims are compliant, optimized, and strategically managed. Let us help you navigate these challenges effectively, providing peace of mind and securing the financial health of your business.

Empower Your Business with Compliant ERC Strategies

At G&S Accountancy, we understand the critical nature of compliance in today’s financial landscape. By partnering with us, you gain access to expert guidance and strategic insights that ensure your business not only survives but thrives in these challenging times.