I have an assignment where I have to give responses on the article below the requirements for the responses are designed to expand the topics, "includes some new details on that topic below. can you please include the references of the new sources in citation format?

The CNBC Article "The IRS is cracking down on a popular small business tax break that could lead to a costly audit" Cheryl Munk is discussing how small businesses are being targeted by "consulting firms" claiming to be able to assist with claiming the Employee Retention Credit. The Employee Retention Credit can be claimed on original or amended employment tax returns from March 13,2020 until December 31. 2021 (Munk, 2023). They are eligible if the business had to suspended operations due to the pandemic related shutdowns (Munk. 2023). Business could also claim the credit if they had a decline in gross receipts during 2020 and businesses are still eligible even if they received PPP loan forgiveness (Mun R, 2023). Small businesses should be on the lookout for these scammers claiming to be consultants that can help claim the ERC for a fee (Munk, 2023). The IRS has even added fraudulent ERC claims as one of its tax scams to look out for (Munk, 2023). Claiming the ERC has many requirements that could confuse a small business owner so they are advised to consultant with a CPA firm that is familiar with the ERC rules, and not a consultant (Munk, 2023). One place that can be a major issue is the definition of gross receipts, for this credit the IRS uses the Small Business Administration's definition (Munk, 2023). Afew red flags that will help spot a potential scam are if they make it sound super simple, use pressure to act fast, and doesn't ask for documentation (Munk, 2023). If a business does qualify, they need to file a Form 941-X, which is an amended quarterly tax return. for each quarter they are seeking the credit (Munk, 2023). Businesses have until April 15, 2024 to file an amended return for 2020 and until April 15, 2025 to file an amended return for 2021 (Munk. 2023). They would also need to amend their yearly tax returns to account for the additional income in the years they qualified for the credit (Munk. 2023). References Munk. C. W. (2023. June 9). The IRS is cracking down on a popular small business tax break that could lead to a costly audit. Retrieved from CNBC: https:l/www.cnbc.com/2023/06/09/irs- cracks-down-on-smallbusiness-tax-break-that- couldleadto-audit.htmi