The Risks and Updates of Claiming the Employee Retention Credit (ERC)

The pandemic was four years ago, so why are we still talking about the ERC (Employee Retention Credit)?

It’s a topic that doesn’t seem to go away, and so Lynne is joining Ash for another episode to jump into the complexities of this ever-evolving topic. Many are still unclear about the intricacies of ERC eligibility and the recent legal developments affecting those who have claimed it. Lynne breaks down the essential criteria for eligibility, updates on IRS actions, and necessary precautions and responsibilities for dental practice owners.

In other episodes, they have warned of the potential pitfalls of engaging with ERC mills—companies promising easy money through the ERC without proper adherence to the rules. Now, as the situation unfolds, Lynne updates us on the IRS crackdown on invalid claims, criminal prosecutions, and what this might mean for dental practices caught in the middle. She also sheds light on the IRS’s recent offer allowing practices to return erroneous claim amounts for a limited-time reduced penalty.

If you’re unsure on what steps you should take with your ERC claim or if you have specific questions about any of these topics for your practice, please feel free to reach out to the Edwards & Associates team.

Episode Breakdown:

  • The Employee Retention Credit (ERC) Discussion
  • Misinterpretation and Abuse of ERC Claims
  • Criminal Prosecutions
  • Validity of ERC Claims
  • Red Flags Identified by the IRS
  • Voluntary Correction Program Offered by the IRS