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Effective 9.14.23, the IRS has announced an immediate halt to the processing of new ERC filings. This moratorium has been put in place to help the IRS better target fraudulent ERC filings, which have risen to alarming rates since the program's inception.
With a stronger focus on compliance, this moratorium is intended to 1) track down wrongfully filed ERC claims and 2) enforce the necessary repercussions. While all wrongfully filed ERC claims have to be paid back in full, more serious cases of scamming can - and already have - resulted in actual convictions and jail time. Yup, you read that right. The IRS is not messing around when it comes to ERC fraud.
If you submitted an ERC report before the moratorium was put in place, processing times will increase from 90 to 180 day. And while payouts will still continue, they will be done at a much slower pace.
As stated by IRS Commissioner Danny Werfel, "The IRS is increasingly alarmed about honest small business owners being scammed by unscrupulous actors, and we could no longer tolerate growing evidence of questionable claims pouring in. The further we get from the pandemic, the further we see the good intentions of this important program abused.
For PracticeCFO clients that filed their ERC with us, do not be alarmed. This article is simply an FYI. One of the IRS’s top tactics for business owners to avoid being an ERC scam victim is to stick with a trusted tax professional. We are exactly that. Rest assured, PracticeCFO is not only fully certified to file these claims, but puts the utmost care in ensuring that everything that goes out our door is legal, legitimate, and fully compliant. We don't take our role as trusted advisors lightly. You will always be in safe hands with us.
For dentists that are getting bombarded with ERC promotions and advisements, proceed with caution. This chart offers a comprehensive rundown on checking ERC eligibility. And better yet (because we know determining eligibility in the first place can be complex), it offers IRS-backed resources on how to ensure the professional filing for you is trusted and legitimate.
For the full IRS statement regarding the moratorium, please refer to this article.
Wes knows what's best for dental practices. He's been doing this for a long time and he sees lots of practices. He can tell me how our practice is doing, and what we can do to increase our productivity. With past CPA's, there were no ideas. It was all coming from me, saying "I think I can do better, but I don't know how." I come in to meet with Wes and he says "You CAN do better, and I know how."
PracticeCFO is in hundreds of dental offices around the country. They know what numbers should look like. They know what percentages of payroll, rent and supplies should be, and they will hold you accountable to those numbers, which will really help you stick to your plan and your path of growth and savings. That is invaluable
Whenever something comes up, whether it's building or practice related and we weren't sure where the numbers would go, PracticeCFO has been instrumental in helping us figure that out. I can't say enough of how important that is - that it goes beyond that initial partnership. They make sure this business marriage works.
When I go home from work, I don't spend a whole lot of time stressing about what my books look like, or how much I owe in taxes. By using PracticeCFO, the burden of keeping track of a lot of the big financial numbers and metrics are taken off my plate.
PracticeCFO helped me develop a plan for the future. I have colleagues that work with other accountants that don't have a plan - they just look at the numbers of the practice and that's it. There's no plan for 10, 20 years from now. But with PracticeCFO, you get that. PracticeCFO makes you feel like you're they're only client.
(In reference to his practice sale) What could've been super stressful, wasn't! When picking John and Wes, it was from word of mouth recommendations and other people's experiences from the past that really did it for me. And it turns out that those recommendations were right on the line.
Wes knows the business side of dentistry. His comprehensive plan will organize your personal and professional finances so you can focus on taking care of patients. Massive ROI.
I can’t say enough good things about everyone at PracticeCFO. Everyone on the team is professional, organized, knowledgeable, helpful and kind. They also respond to emails and phone calls immediately and are always happy to help. They have helped me navigate year-to-year as a business owner. PracticeCFO gives me peace of mind that my business is in good hands.
I love Practice CFO! They have helped me obtain a practice and maintain a practice. They are incredible people who are on top of everything and make owning and running the business portion of a practice easy. They couldn’t be better for my business and my sanity. They have every detail of the business and taxes taken care of where all I have to do is show up and follow their easy steps to success!
Practice CFO has the best tools I’ve seen for personal tax and financial planning in addition to top-tier corporate tax and accounting services. I have been very pleased with the level of quality service. They manage my monthly bookkeeping and accounts payable. It is a great system and saves me a ton of time, and it allows us to have monthly financial statements within a week of month end.
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