Dr. Friday warns that Employee Retention Credit claims from 2020 and 2021 are still under heavy IRS scrutiny. She emphasizes tracking the claim details now so audit responses are easier later.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
And it’s not really about current taxes, but I wanted to bring up employee retention tax credit. It really was about 2020 and 2021.
But in 2025, audit and compliance reviews remain very aggressive. A number of people have come to my office and we’re having to deal with audits because somebody else filed the ERC.
Now they’re like, well, I don’t know how we got that number, and we spent the money, and we don’t know where the money went. This is important to be able to track.
If you haven’t done it, you might want to go ahead and get it set up in your system because the IRS is aggressively reviewing these numbers. If you need help, check us out on the web, drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.