Fundwise Agents entice us— well, whoever ends up on their site promoted via Google Ads— with the opportunity to get paid to give other people’s money away. It’s not the OPMs we typically hear from real estate gurus. Rather, it’s something from the IRS that isn’t debt. If you’re eligible, you don’t have to pay it back. Free money for business owners, handsome commissions for ya… Sounds too good to be true, no? Fundwise Agents disagrees, saying that well, it is real.
The free money in question? It’s the Employee Retention Credit or ERC for short. You could also call it Employee Retention Tax Credit, just like Fundwise Agents’ co-founder Corey Price. Up to you. It’s offered by IRS to small business owners— those with two employees up to five hundred— as financial support during the pandemic. Sort of a bailout as they usually call it.
Now, regarding the commissions, Fundwise Agents claims that you can engage eligible business owners and apply for the mentioned tax break on their behalf. ‘Cause apparently, this could be tricky to get if you don’t know what you’re doing… Well, given that hardly anyone knows about it, you can expect that business owners [who might also believe that they don’t qualify] don’t know jack shit.
By signing up on one of Fundwise Agents many packages, you’ll get whatever their accountants concocted to get ERC easily for business owners. Ninety-five percent who used their method have their ERC application approved, so what’s to worry? Just get with the f*cking program and hear how they narrate the boatloads of money you can get as an agent.
Bullsh*t. Loads of bullsh*t. First and foremost, the bit about ERC flying under the radar is a lie. Thanks [or no thanks] to these aggressive promoters and bad actors, the IRS is flooded with lots and lots of improper claims. It’s like getting a tsunami when all you expect is a trickle, as IRC commissioner Danny Warfel mentioned.
It’s terrible because they’re overwhelming an institution that processes more taxpayers’ stuff other than ERCs. And it’s all for nothing because, again, the claims from the likes of Fundwise Agents are improper, most from business owners who are actually ineligible.
It’s too much spam that IRS halts processing of the ERC claims. Yes, all of them, even for those who legitimately qualify for the break and are simply late to claim, they shut their doors down. Like damn, having the likes of Fundwise Agents is why we can’t have good things in life.
Oh, and also, I got bad news for ineligible business owners who unfortunately got roped in to apply for claims by these promoters. It’s not only disappointment for y’all, but also punishment. In particular, you might incur potential penalties for the improper claims under your name. It sucks. You simply want some support, but then end up with zero AND a big headache.
So, to reiterate, Fundwise Agents are one of those aggressive promoters IRS are warning us all. They promote sending unsolicited emails and ads about ERC, display fees [aka commissions] based on a percentage of the refund amount, and give false promises just to have something to claim.
Obviously, I won’t recommend Fundwise Agents nor their packages that cost $197 a month for Silver tier, $297 a month for Gold tier, and one-time payment of $997 and $197 a month after the first six months for Platinum tier. There’s nothing to claim and get commissions from, ‘member? Like, you really can’t, IRS won’t process sh*t until 2024.
If you’re reading this because you want to apply for ERC yourself, here’s my advice: Check out the guidelines posted by IRS themselves, not by anyone else. They even highlight the main eligibility criteria for your convenience. If something’s not clear, talk to tax professionals, and not with Fundwise Agents. Fundwise, not Fundrise which is an entirely different company BTW, although they’re both terrible.