The IRS is Warning Business Owners About a Lucrative Covid-19 Credit

Posted By: Michelle Manns Industry News,

The Employee Retention Credit could be very lucrative for small businesses, but it's also become fertile ground for scams.

That's according to the Internal Revenue Service, which is warning business owners to scrutinize solicitations involving the ERC — noting businesses could be left holding the bag.

“Businesses are encouraged to be cautious of advertised schemes and direct solicitations promising tax savings that are too good to be true," the IRS said in its notice. "Taxpayers are always responsible for the information reported on their tax returns. Improperly claiming the ERC could result in taxpayers being required to repay the credit along with penalties and interest."…Read more on Bizjournals.