CASH FLOW ALERT 9/15/23
IRS COMMISSIONER PAUSES ERC
PROCESSING FOR NEW CLAIMS.
New ERC
Claims Paused IRS
Commissioner Danny
Werfel ordered the immediate pause on processing new employee retention credit
claims, beginning, September 14, to run through at least December 31, 2023, due to concerns about fraudulent employee
retention credit (ERC) claims.
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WHAT DOES THIS MEAN?
Watch 8 minute explanation video.
Terry Scott, here ... Yesterday, the commissioner
made an unprecedented move, and I'm here to walk you through every step of his
statement, what it means for you!
What Happened?
The IRS commissioner paused the processing of new ERC claims
to protect taxpayers from unqualified predatory companies that have no business
in the tax space.
How Do We Feel About
This?
The negative: Of course, we're bummed that they are pausing
processing new claims right now. That means a delay in our clients receiving
money. Because we're on the front lines, we know just how impactful and
life-sustaining this money is to businesses. This is devastating to those
businesses that are depending on this money.
The positive: It's well overdue to take out the trash.
We've been offering tax incentives for 23 years with integrity while building
lifelong partnerships with our clients. The fly by night; “I know how to put up
a website, so why don't I offer ERC?” disgusting companies that have popped up,
have now been shut down. The IRS was smart to put such a long pause on it
because it's short enough that clients can wait a bit for the credit they are
owed, but long enough that those companies performing illegally and unethically
cannot sustain. So, ... bummer that it had to happen this way. But good
riddance, get out of my space and leave it to the professionals!
What should clients
do?
In the words of the
IRS:
"In the meantime, businesses should seek out a trusted
tax professional who actually understands the complex ERC rules, not a promoter
or marketer hustling....."
That's us! That's our system! We've been doing this for 23
years and have an entire Tax Management System. Clients should do what they should have
always been doing. Stick to the professionals.
Are we still taking signups?
Of course. For two
reasons.
#1: ERC
will reopen, and when it does, we will have clients ready for submission
so they can receive the money they are entitled to. We expect an increase in signups in the
coming months because the government has shown they can and will take this away
without notice. So ... you better get
your submission ready like an iPhone order when the doors open. Or you could be left without.
#2: ERC
is only a small fraction of our offering. We've been helping our clients get money for
23 years, and ERC has only been here a few of that. And in the IRS's statement, they talked about
increased demand.... that's not an increase in ERC demand. What that really
shows is the desperate need businesses have for cash flow. And we're here to help (more about that in
the next section).
The most important
part of the commissioner's statement
These changes come about because they have seen a
"surge" in new submissions during a time when ERC "should be
winding down."
Think
about what this says. Businesses are absolutely desperate for cashflow.
Congress, the IRS, and the Administration don't get it.
Business owners desperately need cash flow. During a time when ERC should have
been winding down and interest should be decreasing, what did we see?
A 2,000%
increase on Google of clients searching for how to take the ERC Tax
Credit!
Businesses
need money. I don't want to be all “let's turn lemons into lemonade”,.
but every unqualified wanna-be ERC "provider" in the country just got
shut down. They are sitting on their hands, with nothing they can offer
American businesses. But we can still help them. Because we still have access
to hundreds of local, state, and federal tax incentives.
BUSINESSES need money
like never before.
Please, pass this one and let everyone know that we have
money available for them.
What about ERC?
"That's one of the programs we offer, but we've been
helping clients get tax incentives for 23 years, and there are hundreds of
local, state, and federal programs available".
Should I still enroll
in your ERC program or wait?
"Our Tax Management system will help you enroll in all
of the programs you're eligible for. You should still upload your documents to
get you set for ERC. It will be on hold until the IRS re-opens submissions. But
you want to be ready because who knows when, for how long, or from whom they
will reopen. Luckily, you are with an actual specialized tax firm that's been
doing this for 23 years, so if the IRS limits who can submit, you know you are
with a company that's qualified".
What if I’ve already
submitted?
"The IRS has committed to processing claims already
submitted without delay."
Please pass this important information on…
I don't know how many ways to say this without being a
broken record.
Businesses need money. We have money. Ask me about our Tax
Management System.
"ERC was just the beginning. There is more than just
ERC." Every fly-by-night ERC "provider" is sitting on their
hands clearing the way for us to help you; and virtually every business in
America.
Be sure to like and follow my Facebook page Profit
Protectors Tax & Expense Reductions for Business and subscribe on YouTube
Terry Scott@terryscott3287, as I'll be releasing content there often.
God Bless and Best of Success!
Terry Scott Business Financial Consultant
Like and Follow Facebook Page Subscribe and Ring the Bell on YouTube @terryscott3287
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