IRS Building The Internal Revenue Service is examining improper claims businesses have made for the Employee Retention Credit (ERC) a refundable tax credit for certain eligible businesses and tax-exempt organizations were affected during the COVID-19 pandemic. The ERC expired in 2021.
Claims filed after mid-September 2023 have been blocked from being processed by a moratorium.
“In coming weeks, the IRS plans to deny tens of thousands of claims that had shown the greatest risk of being improper, the agency said,” The Wall Street Journal reported , adding, “Pop-up firms and marketers created a mini-industry that encouraged a flood of claims long after the pandemic’s emergency-phase ended—many of which the IRS has said are questionable .”
The Journal noted that the government has doled out roughly $230 billion for the program.“The IRS remains deeply concerned about how many taxpayers have been misled and deluded by promoters into thinking they’re eligible for a big […]
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