IRS accelerates work on Employee Retention Credit claims; agency ...
Oct 10, 2024 · WASHINGTON —The Internal Revenue Service announced today continued progress on Employee Retention Credit claims, with processing underway on about 400,000 claims, representing about $10 billion of eligible claims.
ERC Update: IRS Begins Processing ERC Refund Claims Again
Nov 12, 2024 · See details of IRS’ restarted ERC claim processing and how it affects approvals or disallowances. The Employee Retention Credit (ERC), available for 2020 and most of 2021, has been a significant opportunity for businesses to help offset the financial impact of COVID-19.
IRS processing 400K ERC claims with about $10 billion in eligibility
Oct 11, 2024 · The IRS is processing 400,000 claims from the pandemic-era employee retention credit (ERC) that represent about $10 billion of eligible filings, the agency said Thursday in a news release (IR-2024-263).
IRS moves forward with Employee Retention Credit claims: Agency ...
Aug 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.
Employee retention credit updates - The Tax Adviser
Dec 1, 2024 · It is anticipated that there will be many ERC-claim audits, with thousands already underway (see IRS News Release IR-2024-203). During the audit process, the business will receive an examination letter from the IRS that includes a Form 4564, Information Document Request. The form will specify what documentation the Service requires.
IRS Employee Retention Credit compliance effort tops $1 billion ...
Mar 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 …
IRS Breaks ERC Logjam. What Does This Mean For The Average Joe? - Forbes
Jun 21, 2024 · The ERC is a refundable tax credit for certain eligible businesses and tax-exempt organizations that had employees and were affected during the COVID-19 pandemic.
ERC disallowance letters go to 28K businesses, moratorium adjusted
Aug 8, 2024 · The IRS will start processing some employee retention credit (ERC) claims that have been subject to its claim processing moratorium, it announced on Thursday. The Service also said it has recently sent out 28,000 disallowance letters to businesses and plans to begin paying 50,000 valid claims for the pandemic-era credit.
Taxpayer advocate: Unprocessed ERC claims could total 1 million …
Nov 12, 2024 · The IRS could have about 1 million employee retention credit (ERC) claims remaining to process by the end of the year, the national taxpayer advocate said Tuesday at the AICPA & CIMA National Tax Conference.
The IRS Resumes Employee Retention Credit Claim Processing And …
Oct 25, 2024 · The IRS announcement represents welcome news to qualifying small businesses across the U.S. who were eligible to file ERC claims and have been anxiously awaiting the IRS to process their properly prepared ERC claims and issue refund checks accordingly.