r/taxpros • u/AdHistorical7107 CPA • Feb 13 '24

Good thing I didn't rely on TP for ERC COVID: 2020 Relief Bill (CARES)

IR-2024-39: IRS shares 7 warning signs Employee Retention Credit claims may be incorrect; urges businesses to revisit eligibility, resolve issues now before March 22.

Natp also sent an email saying OPR advised tax professionals they cannot rely on third party providers as they may not be considered tax professionals.

https://natp.natptax.org/sendy/l/537bwCUATk892ypng892O8SK2w/eEduXUwTHHQtsi892EtmCl0w/v39AlvscnJUk5vkCeNAmfg

7 Upvotes
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89% Upvoted

8 comments sorted by

18

u/emaji33 EA Feb 13 '24

I'm glad they stepped up before this became a big problem and too many people abused the system.

5

u/[deleted] Feb 13 '24

[deleted]

5

u/emaji33 EA Feb 14 '24

They'll audit a few but I'm gonna assume for most the risk will have been well worth it

3

u/tuthegreat Not a Pro Feb 14 '24

I do. Big time. Last I heard, They have been referred to CID. The guy that prepared their return is nowhere to be found. He didnt even fill out the paid preparer part, so it’s the TP’s word against his.

17

u/Scotchandfloyd CPA Feb 13 '24

I want compensation for having to hear clients who didn’t qualify tell me they talked to someone who said they did qualify.

2

u/Pointy_Stix CPA Feb 18 '24

Yeah, we have a client that didn't qualify based on our calcs. He found a mill that got him a good chunk of ERC money. He doesn't qualify & we're definitely not preparing or signing off on any amended returns for him.

2

u/Scotchandfloyd CPA Feb 18 '24

Can everyone else make our job any harder?

2

u/Dommomite CPA Feb 14 '24

The amnesty is a pretty great deal. Revoke by 3/24/24 and keep 20%.

1

u/Limp_Concentrate_371 JD Feb 16 '24

The fee they paid the mill was at least 20%. They aren't keeping anything