What to Expect: The IRS’s Road Ahead for the Employee Retention 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
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.”
Congress giveth and Congress taketh. Congress (and especially the Senate) will soon consider the House-passed Tax Relief for American Families and Workers Act.
With a rumored solution for 174 amortizations, the R&D tax credit could put cash back into businesses’ pockets before the next deadline. ERC is coming to an end, but the…
While Covid-19 relief appropriations pulled many businesses from the brink of demise, an onslaught of associated fraud has come to the surface, especially regarding claims for the employee retention credit.