Employee Retention Credits (ERC) with Magen Koepp

In this episode we speak with Olsen Thielen Audit Principal and Employee Benefit Plan Specialist Magen Koepp to talk about the Employee Retention Credit (ERC). The ERC is important to many businesses; but not everyone is eligible. Magen prepares you on how to be aware of eligibility requirements, deadline, fraud, and the latest news from the IRS on ERCs. Join as to gain a better understanding of:
  • Origins of the credit and relationship with PPP loans
  • Eligibility criteria
  • Claims process
  • Scams and misinformation
  • Consequences from the IRS
The insights and guidance Magen provides on this episode are invaluable for any business navigating the credit. In this discussion, she highlights the importance of due diligence, an accurate interpretation of the IRS guidelines, the potential risks of engaging with third-party ERC processors, and recommended next steps for businesses who have or have not yet submitted their ERC claim. Relevant Resources: Going directly to the IRS is the best source of information on ERCs. Check out their comprehensive IRS ERC FAQ Page Not sure if you’re eligible for the ERC? Reference the IRS ERC Checklist Remember to keep an eye out for scams! Better protect yourself against scammers by reading up on how they work and key warning signs to look for by checking out Magen’s Article on ERC Scams.

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Note that the Q&A Over Coffee Podcast is provided for informational purposes only and is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant. 

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