IRS spending on artificial intelligence rose by over 700% in the last half-decade as it hones the use of machine learning to identify tax cheats and improve taxpayer communication, according to Bloomberg Government contracting data.
The Internal Revenue Service announced today continued progress on Employee Retention Credit claims, with processing underway on about 400,000 claims, representing about $10 billion of eligible claims.
The Internal Revenue Service (IRS) recently announced another round of its Voluntary Disclosure Program (VDP) for Employee Retention Credit (ERC) claims. VDP allows taxpayers with doubts about their ERC filing to voluntarily remit their refund, without penalties or interest, while retaining 15% of their credit.
Make sure you look at any ERC claims your company has to protect against a potential audit. The nation is 10 months into the moratorium on Employee Retention Credit claims
The IRS should substantially increase the number of employee retention credit claims it processes in order to help businesses with legitimate claims, National Taxpayer Advocate Erin Collins said.
The IRS will deny billions of dollars’ worth of claims for a pandemic-era tax break while working to process lower-risk filings, the agency said on Thursday afternoon.
The Internal Revenue Service announced in March that its compliance efforts related to the Employee Retention Credit had exceeded $1 billion, with the agency specifying that “more than 12,000 entities filed over 22,000 claims that were improper and resulted in $572 million in assessments.”
The latest IRS data shows that it had 1,057,000 unprocessed Forms 941-X as of December 9, 2023. Most of those forms are likely Employee Retention Credit (ERC) refund claims.
The Internal Revenue Service (“IRS”) announced on December 21, 2023 its Voluntary Disclosure Program (“VDP”) for the Employee Retention Credit (“ERC”)
The Internal Revenue Service announced in March that its compliance efforts related to the Employee Retention Credit had exceeded $1 billion, with the agency specifying that “more than 12,000 entities filed over 22,000 claims that were improper and resulted in $572 million in assessments.”