Is the Employee Retention Tax Credit Legitimate? 

 October 9, 2023

By  Jace W Campbell, CPA

Is the Employee Retention Tax Credit Legitimate

To begin with, it’s crucial to ask is employee retention credit legit? The answer is a resounding yes. The Employee Retention Credit (ERC) is a legitimate program, designed to provide financial relief for businesses during trying times… However, like any other initiative that involves substantial financial transactions, it comes with its complexities. A full explanation of this program and all its intricacies could fill numerous pages – potentially becoming dull and tedious to the average reader… That being said, it’s essential to understand this system in some detail if you’re considering making a claim.

Understanding these intricacies and how they apply to your unique situation is paramount… After all, you’re ultimately responsible for these tax credit claims. Despite the numerous “experts” out there offering advice on ERTC claims, comprehending the fundamentals yourself empowers you to make informed decisions about navigating this process.

Qualifying for the ERTC

So how does one qualify for the ERTC? Nearly every type of business and non-profit organization in the U.S can claim Employee Retention Credits. The key criteria are that they had W-2 employees on their payroll during the pandemic period and paid payroll taxes on those employees’ salaries.

Also Read: Employee Retention Credit Supply Chain Disruption

Deceptive Practices and Ensuring Eligibility

Unfortunately, in the world of tax credits and financial relief, not everything that glitters is gold… Deceptive practices abound where firms use various tactics to lure businesses into signing up for their services. Some promise unrealistic benefits, while others resort to fearmongering to rush clients into making hasty decisions. In such a climate, it becomes vital to understand whether your company truly qualifies for ERC.

JWC ERTC Advisory CPA, being the first CPA firm in the country specializing solely in Employee Retention Credits, has witnessed firsthand how these deceptive practices can harm unsuspecting businesses. The company’s founders are on a mission not only to provide accurate ERC filing assistance but also educate business owners about the misconceptions and pitfalls they must avoid when dealing with ERTC firms…

Understanding how these myths can negatively impact your business’s eligibility and overall financial standing is key. Moreover, JWC ERTC Advisory aims to dispel these myths by focusing on transparency, integrity, and accuracy in its approach – values central to its Ironclad Integrity Initiative

So if you’ve previously filed for ERTC but harbor doubts or questions about your eligibility, an independent eligibility review from JWC ERTC Advisory CPA could be a valuable step forward… They’re well-equipped to examine your situation with meticulous detail while keeping you informed about the process every step of the way.

Whether or not you choose JWC ERTC Advisory as your partner in navigating ERC claims, they believe that every business owner should be aware of deceptive practices prevalent in this space… After all, their primary goal is to help you arrive at the best decision for your business by offering clarity amidst uncertainty. And if along this journey of enlightenment they earn an opportunity to work with you – well, that would certainly be appreciated!

Their commitment extends beyond just serving clients – they aim at transforming the ERC landscape by ensuring more businesses make informed decisions, regardless of who they choose to guide them through the process. So remember, when it comes to ERTC – choose a firm that values transparency, integrity, and accuracy above all else.

Cracking Down on Fraud

In light of recent developments, there has been a concerted crackdown by the IRS on ERC promoters. This initiative is primarily in response to the alarming rise in ERTC fraud. As a business owner or a CPA, staying informed about these changes is not just advisable; it’s essential. Ensuring that your company’s practices align with updated rules and regulations could save you from costly mistakes and potential legal complications…

Despite what some firms may claim in their marketing strategies or over phone calls, they might not always have your best interests at heart. They can make dubious claims about their expertise and dangle the lure of “free” money with no risk… However, the Internal Revenue Service has been abundantly clear: The Taxpayer Is Always Responsible For Their Own Tax Filings.

As a licensed CPA myself, and the owner of a registered CPA Firm with the State Board of Accountancy in Texas, I feel duty-bound to warn the public about rampant fraud in my industry. Unscrupulous firms are peddling lies about how ERTC works and can cause more harm than good…

Unfortunately, these misleading marketing tactics are overshadowing the true purpose of ERC – to provide financial relief for businesses during challenging times. These promoters come at you from every angle, promising “maximum credits,” an “easy application process,” and “no risk.” However, if something sounds too good to be true – it probably is.

The IRS first started issuing warnings about these promoters last October but has since ramped up its efforts releasing more ominous warnings in March, May, and July. They’ve voiced concerns about false public advertisements, scams, and even potential identity theft… And rightly so! It’s nearly impossible for an average business owner to distinguish between a legitimate tax expert and manipulative marketer out for quick profits.

So remember: while navigating through Employee Retention Tax Credit, don’t fall for the glitters. Stay informed, stay vigilant, and always ensure that your practices align with the IRS’s updated rules and regulations. When in doubt, consult with a trusted advisor or CPA to help guide you through this complex process.

Also read: Employee Retention Credit Is It Real?

Choosing JWC ERTC Advisory CPA

Why should you consider JWC ERTC Advisory over other ERC firms? While every business decision comes with its own set of fears and uncertainties, choosing the right advisory firm can make all the difference. Working with JWC ERTC Advisory CPA not only ensures accurate guidance based on thorough knowledge but also provides a sense of security, knowing you’re working with experts who prioritize ethical practice above everything else…To sum up, employee retention credit is legit, but it’s vital to be aware of its complexities. Always choose to work with professionals who value ethical service delivery and prioritize their client’s best interests.

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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