Misconceptions on Tax Relief
Misconceptions on Tax Relief are abound. Propono wants you to know what’s what. Read the full article here. Many people are confused over the Employee Retention Credit program from Covid relief. This program allowed for businesses to claim as much as $28,000 for retaining employees while their business was shut down in 2021. There are still an outstanding number of these claims which have not been processed. However, of the ones that are, there are many illegitimate claim, some of which have actually been received by the businesses that claimed them. This is creating a backlog of claims and the IRS is beginning to act. It was listed as one of the biggest tax scams of 2023. If you think you may not be eligible but did claim it on your taxes, you may be fined 20% of the total claim after it’s repaid (if it was distributed).
Misconceptions on Tax Relief
This news shouldn’t come as a surprise. Many people took advantage of the situation and now it’s being taken very seriously. There is still time to remedy the situation however. If you think your claim was in error, you should contact the IRS immediately and straighten things out. Or better yet, read the full article on Propono’s website and contact them to figure out what your next step should be. Tax Fraud is a serious crime and the IRS doesn’t take kindly to it. Protect yourself and your assets. Also, don’t panic. This doesn’t mean everyone who got the credit was wrong, but it’s obvious some were not legit. Those are the ones the IRS is concerned with.