The IRS has announced a special withdrawal process for small businesses that wrongly claimed a pandemic-era tax break — and experts have tips for those who may be affected.
The Employee Retention Credit is the most powerful credit available to businesses nationwide. But with scams and unreliable providers on the rise, there are growing concerns, which has led to the IRS moratorium on ERC to protect honest taxpayers.
An IRS initiative that will allow businesses to withdraw questionable employee retention credit claims is being hailed as a positive development that could help taxpayers and the IRS alike.
The IRS today announced a withdrawal process for business owners/tax-exempt managers from their Employee Retention Credit (ERC) claims. The IRS has been taking a hard eye at ERC filings given
The Internal Revenue Service is giving employers a way to rescind inaccurate claims for the Employee Retention Credit if they’ve fallen victim to a scam at the hands of so-called “ERC mills” that aggressively promote the credit to businesses.
The IRS recently delayed processing new claims on a COVID-era payroll tax credit because of fraud. Still, businesses might qualify for the credit depending on how the pandemic affected them.
Unfortunately, the actual number of SMBs and charities taking advantage fell far below that due to
misinformed business owners lacking a full understanding of the credit and its qualifications.
Contrary to headlines making rounds in the past weeks – ERC has NOT been eliminated. The IRS moratorium is for ‘processing new claims’ for this quarter, i.e., until 31st December 2023.
Tax incentives are an essential part of business operations in the United States. They provide a powerful source of financial support for businesses
This is the type of language used on websites and in TV ads to get small businesses to apply for the employee retention credit (ERC), a pandemic-era program that applied in 2020 and 2021.