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    • Doesn't even exist

      • The self-employment tax credit doesn't even exist. The credit being touted on social media actually involves claiming what the IRS calls "a more limited and technical" tax break known as Credits for Sick Leave and Family Leave.
      www.freep.com/story/money/personal-finance/susan-tompor/2024/07/22/taxpayers-warned-about-claiming-non-existent-self-employment-credit/74452664007/

      Taxpayers warned about claiming non-existent 'self-employment ...

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  3. www.irs.gov › newsroom › irs-warns-taxpayers-aboutIRS warns taxpayers about misleading claims about non ...

    Jul 15, 2024 · WASHINGTON — The Internal Revenue Service issued a consumer alert today following bad advice circulating on social media about a non-existent “Self Employment Tax Credit” that’s misleading taxpayers into filing false claims.

  4. www.irs.gov › newsroom › irs-opens-2023-dirty-dozenIRS opens 2023 Dirty Dozen with warning about Employee ...

    • Beware of ERC Promotions
    • Properly Claiming The ERC
    • Reporting Tax-Related Fraud and Scams

    While many eligible employers claimed and have already received the ERC, some third parties continue to widely advertise their services targeting taxpayers who may not be eligible for the ERC. Unfortunately, these advertisements, along with the increased prevalence of websites touting how easy it is to qualify for the ERC, lend an air of legitimacy...

    See full list on irs.gov

    Eligible taxpayers can claim the ERC on an original or amended employment tax return for qualified wages paid between March 13, 2020, and Dec. 31, 2021. However, to be eligible, employers must have: 1. Sustained a full or partial suspension of operations due to orders from an appropriate governmental authoritylimiting commerce, travel or group meet...

    See full list on irs.gov

    Employers should report instances of fraud and IRS-related phishing attempts to the IRS at phishing@irs.gov and to the Treasury Inspector General for Tax Administration at 800-366-4484. Besides the promotion of ERC claims to employers who are not eligible for the credit, there are many other scams and schemes the IRS is warning individuals, busines...

    See full list on irs.gov

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  6. www.irs.gov › newsroom › learn-the-warning-signs-ofLearn the warning signs of Employee Retention Credit scams

    Jul 24, 2023 · The IRS advises businesses and tax-exempt organizations to beware of misleading claims and aggressive marketing for the ERC, a COVID-era tax credit. The web page lists the warning signs of a scam and explains the eligibility requirements and consequences of improperly claiming the credit.

  7. www.nytimes.com › 2023/05/26 › usHow the Employee Retention Tax Credit Became a Magnet for ...

    May 26, 2023 · The money was intended to be a lifeline for struggling companies. Instead, it has become a magnet for fraud, creating a cottage industry of firms that market themselves as tax credit specialists...

  8. kahnlitwin.com › blogs › tax-blogIRS Warns of False "Self Employment Tax Credit" (SETC ...

    Jul 18, 2024 · In addition to the “self-employment tax credit,” the IRS is also seeing an uptick in false claims for the fuel tax credit and household employment taxes. False claims lead to delayed refunds and added documentation requirements for legitimate claims. When in doubt, consult your tax advisor who can help you navigate your eligibility for tax ...

  9. www.posusa.com › setc-tax-credit-guideSETC Tax Credit for Self-Employed Individuals: Complete Guide

    Sep 20, 2024 · The SETC tax credit is a refundable credit for self-employed professionals who experienced COVID-19-related disruptions in 2020 or 2021. Learn how to qualify, calculate, and claim this credit up to $32,220 with POS USA's help.

  10. federaltaxcredits.org › is-setc-legitIs SETC Legit? Legitimacy Of Self Employed Tax Credit

    SETC is a legitimate tax credit for self-employed individuals affected by COVID-19. Learn the eligibility criteria, claiming process, and expert opinions on this credit.