We have recently fielded several calls and emails regarding Employee Retention Credits (ERC). We sent out information back in February of 2021 regarding the ERC for employers based on qualified wages that employers paid to their employees from March 2020 through September 30, 2021. Many of you engaged Estess CPAs to process those retention credits for you if/when you were eligible. Thankfully, about 95% of the ERCs we have submitted have already been deposited into our clients’ accounts.
Unfortunately, scammers have jumped on board with this newest trend. Many of you have been receiving calls/emails guaranteeing that you are eligible for the Employee Retention Credit, and the agency wants to assist you in getting what you are due. Be very careful in trusting what these callers say. ERC refunds are dependent on a lot of variables. PPP loans and revenue decline during the affected period are just two of the many things that need to be considered and factored in when submitting these amended returns.
In summation, if you engaged us to initially do the ERC credits and you have already received them, Congratulations! If we have already looked at your numbers and communicated that you were not eligible for all or some of the periods affected, you don’t have to do anything else regarding this letter.
However, if you did not reach out to us initially and want to confirm whether these refunds can apply to your business, please give us a call first. We will be upfront regarding what our services will entail and will never request or guarantee anything until you have a refund check in hand.
Finally, please be vigilant with any calls, letters, emails, or messages through social media from someone you are unfamiliar with. Unfortunately, these scammers are getting very believable, so please reach out to us if you have any doubts.
John and the Estess CPA team