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For many businesses grappling with financial strain in the aftermath of the COVID-19 pandemic, the Employee Retention Credit (ERC) has been a tremendous lifeline. This refundable tax credit aimed to incentivize businesses that either faced government-mandated shutdowns or experienced significant declines in gross receipts during 2020 and 2021 to keep employees on their payrolls.
While the ERC's primary goal was to incentivize businesses to retain employees amid unprecedented challenges, the process of applying for and receiving the credit (which often involves tax refund claims) has not been without its complications and controversies. Fraudulent claims and aggressive marketing tactics by those promoting entitlement to these credits have led to significant scrutiny and enforcement efforts by the IRS pushing back on a sizable number of claims and delaying the refund process for validly filed claims.
On July 26, the IRS identified several warning signs that may indicate a business's ineligibility for the ERC. These include:
The IRS's battle against ERC fraud is far from over. The agency's compliance efforts remain robust, encompassing a variety of initiatives designed to root out improper claims and promote transparency:
In response to widespread fraudulent claims and aggressive marketing tactics by some promoters, the IRS placed a temporary moratorium on processing ERC claims filed after Sept. 14, 2023. This pause allowed the IRS to implement additional safeguards to prevent ineligible businesses from receiving refunds and to combat deceptive practices.
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