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As the agency moves forward, it will now start judiciously processing claims filed between Sept. 14, 2023, and Jan. 31, 2024. Like the rest of the ERC inventory, work will focus on the highest and lowest risk claims at the top and bottom end of the spectrum.
WASHINGTON — Following a detailed review to protect taxpayers and small businesses, the Internal Revenue Service today announced plans to deny tens of thousands of improper high-risk Employee Retention Credit claims while starting a new round of processing lower-risk claims to help eligible taxpayers. “The completion of this review provided ...
On August 8, 2024, the IRS announced (IR-2024-203) that it is continuing its enforcement work on high-risk employee retention credit (ERC) claims while also beginning payment of valid ERC claims. Businesses may receive payments for some periods while the IRS continues to review other periods for eligibility. In recent weeks, the IRS said it has ...
The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before Jan. 1, 2021.
The IRS yesterday announced an end to its moratorium on processing employee retention credit (ERC) claims filed after September 14, 2023. According to the IRS release—IR-2024-203 (August 8, 2024)—the IRS will begin processing ERC claims filed between September 14, 2023, and January 31, 2024, focusing first on the highest and lowest risk claims.
last updated 13 August 2024. in News. The IRS continues efforts to tackle erroneous Employee Retention Tax Credit (ERC) claims. The agency says it has protected over $1 billion in revenue by...
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 ...