Have you seen the IRS’ renewed warning ‘false claims generate compliance risk for people and businesses claiming credit improperly’?

How do you avoid falling into this pitfall with Employee Retention Credit (ERC) and having to return the money to the government? How do you legally qualify for and leverage tax credits?

In this episode of the Hidden Money Podcast, we talk with Randy Crabtree, tax-credit expert and founder of Tri-Merit Tax. Randy shares practical insights into ERC law and the IRS’ guiding red flags. His advice might just save you from falling prey to unrealistic claims and information on using tax credits from unqualified sources.

Disclaimer: The content of this podcast is not legal advice and is meant for educational purposes only.

In this episode, we discuss

• The significant impact of the Employee Retention Tax Credit (ERTC) during and after the COVID-19 pandemic.

  
  



• The prevalence of inaccurate claims and challenges arising from providers misleading companies about ERTC qualifications, and their consequences.

  
  



• Detailed qualifications for ERTC, including the calculation of a drop in revenue and the Safe Harbor rule.

  
  



• The confusion around the 10% rule for ERTC and the second qualification method involving government mandates.

  
  



• The announced moratorium by the IRS on processing new ERTC claims to address the backlog and inaccurate claims.

  
  



• The IRS's offer for companies to return ERTC funds with no questions asked, emphasizing specific conditions for eligibility.

  
  



• The historical context and purpose behind Congress’ balancing act, imposing challenges on businesses regarding R&D expenses.

  
  



• The complexities, recent changes and potential impact on businesses regarding the capitalization of Research & Development (R&D) expenses.

  
  

To Learn More

If you are interested in exploring tax-credits in more detail for your business, reach out to Mike and Kevin in the link below. If you want to connect with Randy Crabtree, you can visit his website Specialty Tax Professionals | Tri-Merit and connect with his team on the Meet the Team page Meet The Team | Tri-Merit. You can also find him on LinkedIn and other social media platforms.

To access the bonus tax content mentioned in the episode, go to https://www.hiddenmoney.com/bonus

To start using the tax code as a tool to grow your wealth, schedule a call with Pine & Co. CPAs: https://www.pinecocpas.com/consultation

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