What’s New?

The Employee Retention Credit (ERC) filing window slammed shut. IRS is now reviewing claims with the intensity of a detective binge-watching “CSI.”

Why You Should Care

• Claimed ERC through a sketchy promoter? You may get audited.
• If your claim was wrong, withdrawing it may soften penalties.
• Refunds are taxable. Did you fix your prior deductions?

NJ Reality

The NJ Division of Taxation is also peeking at ERC claims. If you overstated wages, your NJ returns may need amending.

Example

ACME Deli in Paterson claimed $250k ERC. IRS audits, finds eligibility issues. If they withdraw early, penalties shrink. If they fight? Interest + stress = bad combo.

Disclaimer: This blog is for educational purposes only and should not be considered legal or tax advice.
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