![]() ![]() The Employee Retention Credit was intended to be a financial lifeline to small businesses struggling to make ends meet during the pandemic. But others spoke well of both their time at the company and its practices, saying it complied with guidelines and helped small businesses access needed capital. CNBC spoke to 20 former employees and contractors at the company, many of whom described a culture of aggressive sales of the ERC to Main Street.It takes a 25 percent fee of the credit claimed for its work, after a business is paid by the IRS. Innovation Refunds, an ERC consulting firm, was among the most visible advertisers promoting the credit to small business owners.The agency said it was looking into businesses who claimed the credit and ERC promotion companies that helped businesses submit applications to the IRS. In September, the Internal Revenue Service put a moratorium on new applications until 2024, citing "questionable claims'' and "fraud" concerns across the entire industry.The government program led to the emergence of an industry focused on helping businesses claim these credits, with some taking large percentages of the awarded refunds for their services. The Employee Retention Credit, or ERC, was intended to be a financial lifeline to small businesses struggling to make ends meet during the pandemic. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |