IRS Cracks Down on Employee Retention Credit (ERC) Fraud
IRS Accelerates Payments and Audits for Valid ERC Claims
According to IRS.gov, The IRS is stopping bad claims for the Employee Retention Credit (ERC) and helping good ones. They sent out 28,000 letters to businesses that might have made mistakes on their claims. This will help stop $5 billion in bad payments. The IRS is also checking many claims to see if they are correct.
The IRS found 50,000 good claims and is sending them to be paid. They are doing this slowly and carefully to make sure they get it right. The IRS wants to help businesses that need help, but they also need to stop bad claims. The IRS Commissioner, Danny Werfel, said they will keep working to fix this problem.
IRS Cracks Down on Employee Retention Credit (ERC) Fraud: Stopping Bad Claims and Helping Businesses in Need (PHOTO: GOOGLE)
IRS Takes Action to Combat Employee Retention Credit (ERC) Abuse
The ERC program was created to help businesses during the pandemic. But some people took advantage of it and made bad claims. The IRS is working hard to fix this problem. They are stopping bad claims and helping good ones. The IRS is also working with tax professionals to make sure everything is correct.
