The Employment Retention Credit (ERC) is a tax credit that was introduced by the IRS as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in response to the COVID-19 pandemic. The ERC provides financial relief to eligible employers who experienced a significant decline in revenue or were subject to a full or partial shutdown due to government orders. On September 14, 2023 the IRS ordered a temporary pause on all new ERC filings to protect businesses from ongoing scams. 

The IRS's decision to halt new ERC processing is an indication of the severity of the fraud situation and we know many people might be worried. However, we have every reason to believe that ERC filings will soon start back up and there is nothing to fear if you qualify for the ERC and work with a trustworthy financial professional. If you’re concerned you might have worked with a fraudulent company we recommend that you have a trusted professional review your filings. If you haven’t applied for the ERC, we still believe it could be a good choice for you and your business provided compliance to standards are met. 

How to Safeguard Your Business Against ERC Fraudsters

Protecting your business from ERC fraud requires careful record keeping and the implementation of robust compliance measures. Here are some essential steps to safeguard your business:

• Hire a trusted ERC partner that can guide your businesses through the complex landscape of ERC compliance and who can qualify your business before you apply.

• Review your previous ERC filings to make sure you actually qualified or hire a professional with integrity to do that for you. 

• Maintain thorough and accurate records of all ERC-related transactions and supporting documentation. This documentation will serve as evidence of compliance and assist in potential audits or investigations.

Now, more than ever, it’s important to choose a partner you can trust to help with ERC compliance. A knowledgeable partner can provide guidance, support, and expertise throughout the entire ERC process, ensuring compliance and minimizing the risk of fraudulent activities.

How Oracle Profitability Handles the ERC with Integrity

Oracle Profitability ensures that businesses receive the maximum benefit from the ERC while maintaining strict compliance. We prioritize integrity and go above and beyond to qualify your business prior to applying for the ERC. Here’s why you should consider partnering with us:

• We have extensive knowledge and experience in ERC compliance. We are well-versed in the intricacies of the ERC program and stay up to date on the latest regulations and changes.

• We use multiple methods of ERC qualification and conduct extensive research to qualify your business before filing. We do not file if you don’t qualify.

• We have a proven track record and have successfully helped dozens of businesses successfully receive ERC funds (including helping clients who needed to apply for a filing correction).

• If you are audited, we’ll be there to provide support.  

Conclusion

We’ve always seen the ERC as a once in a lifetime opportunity for business owners and we’re disappointed to hear that so many people are being taken advantage of by scammers. We encourage you to review your ERC filings and to partner with reliable financial professionals to keep your business safe. Some things are worth the investment, and this is one of those things. If you’re looking for a reliable partner contact us today to learn more about how we can assist you in either applying for the ERC or reviewing your previous ERC filings to safeguard your business against ERC fraud concerns.