Republished from Mineral: https://apps.trustmineral.com/hr-compliance/law-alerts/2hAgOwAP1MtibgZ5zN3o3E/details

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The Employee Retention Credit offered is a tax credit provided to employers who had employees and were impacted by COVID-19.  Many employers are eligible for credit in one or several quarters.  This program hugely benefits several employers, especially small ones who suffered losses from the COVID-19 pandemic.

However, the IRS was behind in processing before firms began aggressively marketing offerings that they could help employers get this credit.  Let’s face facts – although COVID-19 shutdowns affected many businesses, they didn’t reduce revenue for every business.  Point in case – many companies that supported the need for people to shelter in place grew in 2020 and 2021.

As a result of the increased marketing to apply for the credits, many companies are receiving funds for while they did not qualify – and being required to return those funds.  For example, if an employer received a PPP loan during a specific quarter, they would not be eligible to use those wages for the ERTC for the same quarter.  The IRS offers detailed information on its website about this credit.

To complicate matters, when the employer is part of a PEO, it must submit the ERTC through the PEO’s consolidated tax filing.  As a result of some mechanical issues at the IRS, PEOs are required to submit amended 941s (941x) on paper by mail.  Yes, in 2023, the paper forms are being mailed to a post office box in Kansas City, MO, to be reviewed and processed accordingly.  Additionally, the IRS has had to staff up to address the growing demand for administrative processing.  As a result, many employees at the IRS are new hires.  Once the amended return is processed, the employer’s credit is given to the primary tax account of the PEO.

According to COO and CFO Jorge Solis of Idilus, “We have to track the process of all the 941x amendments manually, the date they were sent, received by the IRS, and when they have been forwarded for processing.”  Solis estimates it will take 2-3 weeks to receive notice that the IRS has received an amended return.  It has been, on average, taking 8 to 9 months to receive the credits from the IRS.

Effective Sept. 14, 2023, the IRS placed a hold on issuing ERT credits until 2024 due to credit abuse fraud from the pandemic relief program. For the IRS to strengthen claims processing, additional documentation may be required.

The IRS noted that hundreds of criminal fraud cases are being investigated, and thousands of claims are being audited.

On a more positive note, the IRS appears committed to correcting the situations of fraud and abuse that have plagued both this program and the PPP loan program to make sure the businesses legitimately in need of these funds receive them.

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Payroll Compliance is more complicated than you may think.

Everyday more rules and regulations are placed on employee payroll. For a small business owner who is spending most of their day keeping up with their product or service offerings, clients, customers, feedback, and general staff management- there isn’t much room to think about what it takes to get your people paid. Included in Simple Scale is a comprehensive payroll compliance package. This means that we will take care of making sure your people are paid on time, legally, and in the correct amounts. Most employees rank payment mistakes as the number one reason to leave a company. Enroll in Simple Scale and watch your retention increase.

Benefits Packages do not have to be tricky.

What are two of the biggest reasons that top talent decides not to leave a Fortune 500 company to join the corporate world? Compensation and job security. Startups are a historically risky field. Many job seekers feel unsure about their future in taking a startup job over a more secure established company job. Plus, usually startups cannot pay as much as other companies as they work on shoestring budgets and contend for funding. The benefit of using Simple Scale is that it can enable you to offer your existing and prospective staff better compensation monetarily and through benefits. Let us help you shop healthcare plans, 401Ks, and other options so that your employment offers carry the same weight as any other company’s. You will like the results.

Reduce risk, build culture, and make your people happy.

No matter what, at the end of the day, businesses are built and maintained by the people that build them. While that may seem like an obvious statement, one reason why people leave a job is because they don’t feel like the company they worked for cared about them. One component of Simple Scale is the option to let us help build your employee handbook, and lay an outline for the company culture you want to achieve and hire accordingly. We can help you present clear cut guidelines to your staff before they ever take the job with your company so that they feel protected and cared for from day one. We also have an entire team devoted to risk reduction and management. This can help keep you from incurring workers compensation claims, or help you mitigate them if you do. Keep your people safe, happy, and protected by signing up for Simple Scale.

Not matter what industry you are in, or what your startup is, we can help save you time and money through Simple Scale. Contact us today to

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