The American Institute of CPAs (AICPA) lauded the Internal Revenue Service (IRS) warning over third-party vendors promoting improper Employee Retention Credit (ERC) claims.
Form 3949-A, Information Referral, will provide a vehicle for individuals, firms and CPAs to anonymously report questionable ERC mills. The form previously had been available for use to anonymously report fraud. Now it is earmarked to report ERC fraud as well.
Established nearly three years ago, ERC was as part of a larger relief package to help businesses pull through the pandemic. More recently, AICPA has reported that members have expressed concern with the rise of non-CPA ERC vendors taking inappropriately aggressive positions.
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