Blog At A Glance:

Introduction

Real-Life Scenarios

Frequently Asked Questions

Conclusion 

Sources and Citations 

 

Introduction

The Employee Retention Credit (ERC) provided a crucial lifeline for many businesses struggling during the pandemic. However, concerns about fraudulent claims and complex eligibility requirements have cast a shadow. With the IRS’s new Voluntary Disclosure Program (VDP) and withdrawal process, you have a chance to address any inconsistencies and ensure compliance. But navigating this process can be challenging. This is where Occams ERC Audit Advisory steps in, offering a comprehensive solution to mitigate risks and guarantee compliance.

This blog explores the potential red flags and the consequences of ineligibility. We then delve into how Occams addresses these concerns:

  • Red Flag Identification and Fraud Prevention: Occams helps you avoid pitfalls by scrutinizing your eligibility, ensuring you haven’t claimed the credit for the wrong periods or misrepresented qualifying factors.
  • Addressing IRS Scrutiny and Disallowances: The IRS’ new VDP feature allows you to rectify issues. Occams provides audit support throughout the potential IRS audit period, assisting you in case of inquiries.

Occams offers a tailored approach to ERC compliance, focusing on:

  • Reviewing ERC calculations: Proper adjustments for PPP loans and excluding ineligible payroll are crucial.
  • Comprehensive eligibility assessment: Occams ensures your claim aligns with program criteria.
  • Detailed client interviews and evidence gathering: This strengthens your case, especially for claims based on full or partial suspension.
  • Collaboration with legal experts: Occams partners with external law firms to provide tax memos for suspension-based claims.
 

Real-Life Scenarios:

  • Scenario 1: You claimed the ERC for all four quarters, raising concerns about eligibility. Occams can review your calculations and guide you through the entire process.
  • Scenario 2: You’re unsure about certain aspects of your eligibility criteria. Occams’ comprehensive assessment clarifies any doubts and ensures compliance.
 

Frequently Asked Questions

Has my business claimed ERC incorrectly?
Occams can assess your case and advise you on eligibility.
What kind of documentation do I need for an audit?
Occams will help you gather necessary evidence and navigate the process.
How much does Occams' ERC Audit Advisory service cost?
Contact Occams for a personalized quote based on your needs.

 

Conclusion:

The VDP provides a chance to address any uncertainties and ensure compliance. Occams ERC Audit Advisory offers a comprehensive and proactive solution to mitigate risks and navigate the ERC complexities with confidence. Don’t let concerns about fraud or IRS scrutiny hinder your business. Embrace this opportunity to rectify any issues and protect yourself.

Contact us:

For more information about Occams ERC Audit Advisory, please visit our website at : www.occamsadvisory.com or Schedule a free consultation call Click Here

 

Sources and Citations

 

Disclaimer

This blog is for informational purposes only and does not constitute tax advice. Please consult with a qualified tax professional to discuss your specific situation.