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 Internal Revenue Service is trying to leverage the extra billions in funding from last year’s Inflation Reduction Act to narrow the ever-increasing gap between taxes due and taxes collected, but has spent surprisingly little of the money so far.
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Pop-up companies aggressively pushing a small business tax credit may soon be in hot water with the IRS.
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.
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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.