The Road to ERC Resolution: Evaluating and Amending Your Claim

In recent times, the Employee Retention Credit (ERC) has been a critical financial aid for businesses navigating the challenges of the pandemic. However, with the complexity of the filing process, many have found themselves in the tricky position of having potentially filed their claims inaccurately. Recognizing this, a unique opportunity has been presented to rectify these discrepancies with a notable incentive: a chance to repay the credit with a 20% discount, provided action is taken by March 22.

Identifying Signs of Inaccurate ERC Claims

The accuracy of your ERC claim is paramount. Here are some indicators that could suggest your claim may need a second look:

• Extended Claim Periods Claims that cover more quarters than eligibility allows could be a red flag.
• Misinterpreted Guidelines Incorrect interpretations of COVID-19 related government orders could lead to ineligible claims.
• Overestimated Figures Claims with inflated employee counts or wage totals may indicate inaccuracies.
• Misrepresented Impacts Claims that inaccurately represent the effect of supply chain disruptions could be questioned.

How We Can Assist

Understanding the nuances of these potential pitfalls is just the beginning. Here’s how we can support you through this process:

• Evaluating Your Claim We’ll help you assess your ERC claim to identify any inaccuracies or areas that might raise red flags.
• Guidance on Repayment If repayment is necessary, we’ll navigate you through the process, focusing on the 20% discount incentive and ensuring you’re clear on the amount that needs to be repaid.
• Audit Support Should your claim come under IRS scrutiny, we’re here to provide robust support, ensuring your business is well-represented and defended throughout the audit process.
• Claim Withdrawal Process For those who need to withdraw their ERC claim, we offer comprehensive assistance, ensuring the process is handled efficiently and correctly.

Your Business, Our Expertise

At G&S Accountancy, we believe in empowering our clients, helping them to stand firm in the face of challenges. With our expertise in ERC claims and compliance, we’re not just your accountants; we’re your partners in navigating the complexities of tax regulations. Together, we’ll ensure that your business not only survives but thrives.

For personalized guidance and support with your ERC claims, reach out to G&S Accountancy today. Let’s chart a course to clarity and compliance, with you at the helm and us by your side.