What is Common Misinformation About ERTC? 

 December 8, 2023

By  Jace W Campbell, CPA

Misinformation About ERTC

As a business owner, you’ve probably heard of the Employee Retention Credit (ERC) program… But what exactly does it entail? In essence, it is a provision under the CARES Act which provides refundable tax credits to eligible employers who keep their employees on payroll during the COVID-19 crisis… But there’s more to it than meets the eye.

Eligibility for ERTC: A Closer Look

How does one qualify for ERTC? This question is on many entrepreneurs’ minds. Here’s a simplified explanation: The ERTC program was initially available to businesses experiencing significant economic hardship due to the pandemic – either through suspension of operations or substantial decline in gross receipts… However, new regulations have broadened this scope. Let’s delve deeper.

How Confident Are You In Your ERTC Eligibility?

Watch Our Video Explaining the Fraud We’ve Seen From National ERC Promoters

Potential Misconceptions About ERTC Qualification

Navigating the nuances of the Employee Retention Credit (ERC) can be challenging, especially given the many misconceptions circulating about qualification for this federal aid… It is therefore vital to separate fact from fiction in order to make informed decisions. So, what are some of the myths and misleading information that you might come across? Let’s break it down…

Also read: How Do Employee Retention Credits Work?

One common misconception is that any dip in revenue automatically qualifies a business for ERC… This couldn’t be further from the truth. Not all declines in revenue meet the ‘substantial’ criteria stipulated by the IRS… Thus, it’s critical to understand what constitutes a ‘substantial decline’ as per official guidelines before filing an ERC claim

Another fallacy revolves around defining ‘full or partial suspension of operations.’ Some firms may incorrectly advise that if you faced any disruption whatsoever due to COVID-19 – you qualify. However, IRS guidelines are more stringent, requiring a significant impact on your operations…

Remember, each business’s situation is unique. A strategy that worked for one might not work for another due to varying circumstances and differences in operational structures… Therefore, blanket advice should always be taken with a grain of caution.

With such complex dynamics at play, it is advisable to turn towards trusted sources like IRS.gov and Treasury.gov or seek professional assistance from certified firms like JWC ERTC Advisory CPA… You want an advisory that not only helps you move quickly to the next stage in your exploration of ERTC but also provides accurate assessments based on your specific situation…

At this juncture, there are typically two paths ahead: Either you identify why your business may legitimately qualify for these credits and you’re ready to discuss further assessment; or you recognize that your business does not qualify. In both scenarios, being well-informed helps avoid potential mishaps down the line – saving valuable time and resources…

To help with this, we offer a video consultation – a Crash Course in ERTC for Business Owners. This resource provides crucial insights into the ERC program and helps address some of the myths surrounding it… This tool, coupled with the guidance from trusted sources and experienced advisories, can equip you to navigate the complexities of ERC qualification effectively.

Exploring JWC ERTC Advisory CPA Services in Depth

If you find yourself grappling with questions regarding your eligibility for the Employee Retention Credit (ERC) or have filed an application and are now second-guessing your eligibility, fear not. JWC ERTC Advisory CPA is here to provide the assistance you need… Let’s delve deeper into what this means…

At JWC ERTC Advisory CPA, our approach to client service is rooted in integrity and transparency. We strive to differentiate ourselves from other ERTC “Specialists” by committing to ethical business practices… You will never be at the receiving end of a cold-call from us, nor will your inbox be filled with spam emails..

Also read: What is The Difference Between PPP and ERTC?

Instead, our engagement process is designed with efficiency in mind. Generally, it should take no more than 10-15 minutes for you to complete… This streamlining of procedures does not compromise on thoroughness, especially when assessing qualifications based on “full or partial suspension of operations”. Be prepared for challenging questions as we aim to ensure your claims are valid and defensible…

But why do we ask these tough questions? It’s simple. We’re not trying to flex our professional muscle or complicate things unnecessarily… Our primary objective is ensuring that any refunds you claim are maximized legally and can withstand IRS scrutiny.

Our meticulous approach ensures that if the IRS decides to audit your claim, they find everything in order – leading to a desirable outcome of “No Audit Adjustment”… With JWC ERTC Advisory CPA by your side, navigating the ERC program becomes less daunting.

In essence, choosing JWC ERTC Advisory CPA is not just about tapping into expert advice for ERC applications; it’s about making a safe investment towards protecting your business’s interests… It’s about trusting a firm that values transparency and integrity over making a quick buck. At JWC ERTC Advisory CPA, we’re committed to helping you get it right – the first time around.

Why Choose JWC ERTC Advisory CPA?

The recent crackdown by the IRS on ERC promoters emphasizes the importance of engaging with an experienced advisory firm like JWC ERTC Advisory CPA. Our firm stands out because we prioritize transparency, integrity, and in-depth knowledge of ERC regulations… We navigate the complexities so that you can focus on what matters most – your business.

Reaping the Benefits of a Professional Advisory

Working with a professional advisory such as JWC ERTC Advisory CPA can alleviate fears, reduce uncertainty, and help your business gain from the ERC program… It’s not just about claiming credits; it’s about doing it right.

Jace W Campbell, CPA

Jace founded JWC ERTC Advisory CPA in March 2021 as the nation's first and only public accounting firm focused solely on ERC . . . and nothing else. He has personally signed over 9,000 ERTC claims and is proud to be executing these claims conservatively, and how intended by Congress.

He has a passion for educating clients so they can make the best decision for themselves.  If you read articles and watch videos that Jace produced in 2021, his approach is the same now as it was then.

While other firms pivot their messaging to comply with new IRS guidance, Jace continues preaching the same conservative principles that have helped clients recover hundreds of millions . . . while sleeping easy at night.

related posts:

Can You Claim Employee Retention Credit in 2023?

Can You Claim the Employee Retention Credit in 2022?

Employee Retention Credit Scams: What You Need to Know

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