October 24, 2023
Markets Insider ERC Tax Refund News Feature
Corporate Strategies is Set to Launch “Audit Safe” ERC Payroll Tax Refund Compliance Review Program Designed to Protect Non-Client Employers From IRS ERC Audit Risk
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Corporate Strategies Merchant Bankers, led by CEO Tim Connolly, announced it is launching “Audit Safe”, an ERC payroll tax refund compliance review that may put employers at ease despite IRS announcements of accelerated ERC audits.
Houston, TX, Texas, United States – October 24, 2023 — The IRS has now ceased the processing of new ERC payroll tax refunds and has focused staff on auditing thousands of fraudulent or ineligible tax refunds.
The IRS legitimate concern over widespread fraud is making the process that much more difficult for honest, eligible employers and organizations, especially small businesses, nonprofits, schools, and churches. Audit fear of the IRS now pervades the employment community who have already filed and received tax refunds, as the IRS can demand repayment of tax refunds plus penalties and interest up to 75% of the refund paid.
Connolly remarked “An independent review of any employer’s ERC tax refund filing may identify documentation problems that can be corrected before any IRS audit, thus saving time, effort and money in the event of getting an audit call or letter from the IRS. We will confidentially interview any prospective client who has previously filed their ERC return elsewhere at no cost and will provide a firm Audit Safe review proposal within 24 hours of determining key ERC tax return info from the employer.”
With the rise in fraudulent companies and fake claims, the IRS has tightened the ERC tax refund claims process to ensure that the claims are legitimate. This has given the impression that the ERC Payroll Tax Refund Program is no longer in place. Connolly stated that the ERC payroll tax refund is still available and eligible employers should file now, to be ahead of the rush of filings that will occur after January 1, 2024. The IRS has stated that ERC tax refunds are being logged in and will be processed next year in the order received. However, he urges employers to be vigilant and accurate when applying.
“The IRS’ measures in preventing fraud are understandable to a degree as they prevent the abuse of the program. However, we’re also making it a point to educate businesses and organizations, protecting them from unnecessary liabilities, faulty filings, and erroneous claims,” Connolly states.
Corporate Strategies has IRS eligibility links and warnings on their website, along with ways of spotting potential scams. As a private funding and investments firm that has spent a lot of time understanding the CARES Act, Corporate Strategies aims to enhance its Audit Safe Review Program to assist non client ERC filers who may be severely affected by the process. The team highlights how crucial it is to work with a trustworthy company when applying for the ERC tax refund to ensure that all is in accordance with the regulations and that proper documentation is in place.
Regarding the scams, Connolly emphasizes, “Be wary of new companies making big promises. Ask detailed questions and make sure the service provider knows what they’re talking about. If something sounds too good to be true, it probably is.”
Corporate Strategies believes in employers being “Audit Ready and Audit Fearless.” As the Audit Safe Review launches November 1, 2023, Tim Connolly and his team are prepared to serve anxious ERC payroll tax refund filers who wish to protect themselves from audit risk. More details on the ERC can be found on Corporate Strategies’ official website.
About Corporate Strategies
Founded in 1984 by CEO Tim Connolly, Corporate Strategies has been a trusted, nonbank financial resource for 40 years, with a team that includes private banking experts, former tax auditors, tax attorneys, CPAs, and ex-IRS agents. They are fully adept with the intricacies of the CARES Act and have been assisting with the IRS’s ERC payroll tax refund requirements since 2020. Their primary focus is on serving churches, schools, small businesses, and recovery startups, ensuring these groups get the specialized help they need.
Phone: (713) 621 -2737
Source: Anne Schulze
See ERC Tax Refund Compliance Review Program To Protect Employers From IRS ERC Audit Risk News on StreetInsider
Corporate Strategies has worked with a wide roster of clients. Previously funded ERC payroll tax refunds include:
Why Choose Corporate Strategies?
Since 1984, Corporate Strategies Merchant Bankers has provided private funding solutions from $2,500,000 to $25,000,000 for small to medium-sized (SMB) businesses and non-profits whose loan applications have been rejected by conventional banks. Our 40 years of experience uniquely qualifies us to bring our SMB clients the CARES Act Employee Retention Credit (ERC) Payroll Tax Refund Program. Here’s why:
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