IRS Halts New Claims for Employee Retention Credit Amid Scam Concerns

In a move to protect small businesses and taxpayers from scams and improper claims, the Internal Revenue Service (IRS) has put a temporary stop to processing new applications for the Employee Retention Credit (ERC). This pandemic-era relief program, designed to aid businesses during the COVID-19 pandemic, has come under scrutiny due to concerns about aggressive marketing and ineligible claims. The moratorium, which will last until at least the end of the year, allows the IRS to enhance safeguards and combat fraud while continuing to process existing claims with heightened scrutiny.

Click this link to see the IR-2023-169, Sept. 14, 2023.

A tax resolution specialist plays a crucial role in assisting small business owners facing Employee Retention Credit (ERC) related issues. These professionals have in-depth knowledge of tax laws and regulations, making them well-equipped to navigate the complexities of ERC eligibility and compliance. They can help business owners review their eligibility, ensuring that they qualify for the credit and mitigating the risk of improper claims. Additionally, tax resolution specialists can provide guidance on the proper documentation required for ERC claims, reducing the chances of audits or repayment demands from the IRS. In cases where businesses have already encountered issues or received improper ERC payments, these specialists can help negotiate settlements with the IRS, minimizing penalties and ensuring businesses comply with tax regulations. Overall, a tax resolution specialist can offer invaluable expertise and support, allowing small business owners to navigate the ERC program confidently and protect their financial interests.

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