Yowsa!
The IRS has recognized the trend of popup ERTC mills and they’ve recently been focusing on taking advantage of dance studios (and other instructional studios).
Here’s the link directly from the horse’s mouth. (Click to read).
These predatory businesses are charging exorbitant fees and making over-the-top claims about how much they can help dance studios to recover.
“We have also, unfortunately, recently seen some others that claim to be gurus in this industry advocating the use of these “mills.”
Now don’t misunderstand. The ERTC is a legit thing that studios that were impacted by covid should ABSOLUTELY be taking advantage of. But, it needs to be handled by folks that have your back and will be around to help defend your tax decisions should things take a turn south in the future.
We have also, unfortunately, recently seen some others that claim to be gurus in this industry advocating the use of these “mills.”
Hiring one of those companies can be like sticking a lightning rod to your studio business. The IRS has told us that they’re paying closer attention to these companies and those that use their services.
I will not be surprised if we start hearing stories over the next few years of businesses that took unfair advantage of this tax credit, much like we saw with the PPP loans and EIDL funds.
I recently hosted a call with Brad Whitten, an expert in the recovery of Employee Retention Tax Credit funds for businesses exactly like ours.
Brad and his team handled my ERTC claim for my own studios, and simply charges the hourly fees for his staff to manage the actual work rather than a huge percentage of the potential funds recovered.
Take a moment and review the video. If you have additional questions, Brad has graciously agreed to help as needed.
Here’s a link directly to his website:
and more about Brad specifically: