IRS moves forward with Employee Retention Credit claims: Agency ...
WEBAug 8, 2024 · WASHINGTON — The Internal Revenue Service announced today additional actions to help small businesses and prevent improper payments in the Employee Retention Credit (ERC) program, including accelerating more payments and continuing compliance work on the complex pandemic-era credit that was flooded with claims following misleading marketing.
IRS Breaks ERC Logjam. What Does This Mean For The Average Joe? - Forbes
WEBJun 21, 2024 · The Internal Revenue Service (IRS) announced a breakthrough today in the logjam of Employee Retention Credits (ERC) that has plagued the agency since a moratorium on processing claims began last...
IRS enters next stage of Employee Retention Credit work; review ...
WEBJun 20, 2024 · In light of the large inventory and the results of the ERC review, the IRS will keep the processing moratorium in place on ERC claims submitted after Sept. 14, 2023. The IRS will use this period to gather additional feedback from partners, including Congress and others, on the future course of ERC.
IRS Employee Retention Credit compliance effort tops $1 billion ...
WEBMar 22, 2024 · WASHINGTON — The Internal Revenue Service announced today that compliance efforts around erroneous Employee Retention Credit (ERC) claims have topped more than $1 billion so far since last fall as work continues on a number of efforts to counter questionable claims pushed by aggressive marketing, including an aggressive push on …
Employee Retention Tax Credit—September 2024 Update
WEBSep 5, 2024 · Taxpayers should reconsider their ERC posture post-Chevron. There have been several recent, significant developments impacting the employee retention tax credit (ERC). First, an ERC promoter lost its effort to preliminarily enjoin the IRS from continuing the moratorium on ERC funding that started on September 14, 2023 (the Moratorium), see ...
IRS will deny billions of dollars in employee retention credit claims
WEBJun 21, 2024 · 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. Enacted to support small ...
IRS watchdog pushes for update on employee retention credit …
WEBJun 26, 2024 · IRS watchdog pushes for transparency on pandemic-era small business tax credit backlog. Due to a backlog of 1.4 million unprocessed employee retention credit claims, the national taxpayer advocate ...
ERC Claim Processing Restart Is a Boon for Cash-Poor Businesses
WEB2 days ago · The IRS announced Aug. 8 that businesses with ERC claims filed between Sept. 14, 2023, and Jan. 31, 2024, would begin seeing payments or denials. The agency offered insight into its short-term priorities, with plans to issue payments this month for 50,000 claims identified as low-risk, along with another large block of low-risk claims later ...
9 months into ERC claim processing moratorium, still a waiting game
WEBJun 12, 2024 · New employee retention credit (ERC) claims continue to be filed, and the IRS still has a backlog of claims from before a processing moratorium was announced in September. National Taxpayer Advocate Erin Collins says “soon” is the answer to when the moratorium will end.
What’s Next For ERC Refund Claims Pending With The IRS? - Forbes
WEBMay 23, 2024 · Most of those forms are likely Employee Retention Credit (ERC) refund claims. That number is certainly understated, as IRS Commissioner Danny Werfel told the United States Senate Committee on...