IRS halts processing of a small business tax break amid 'surge of questionable claims'
- The IRS is putting a hold on accepting claims for the Employee Retention Credit until 2024 due to concerns about fraudulent applications, which have been increasing.
- The Employee Retention Credit was designed to assist small businesses in paying their employees during the pandemic if they were fully or partially suspended from operating. However, scammers took advantage of the program and targeted small businesses.
- The IRS is alarmed by the number of legitimate small business owners being scammed and has increased scrutiny of claims, starting criminal cases and audits. Longer wait times for claims are expected.
25 Articles
25 Articles
IRS will pause taking claims for pandemic-era tax credit due to an influx of fraudulent claims
By MAE ANDERSON (AP Business Writer) The Internal Revenue Service is pausing accepting claims for a pandemic-era tax credit until 2024 due to rising concerns that an influx of applications are fraudulent. The tax credit, called the Employee Retention Credit, was designed help small businesses keep paying their employees during the height of the pandemic if they were fully or partly suspended from operating. The credit ended on Oct. 1, 2021, but…
IRS will pause taking claims for pandemic-era tax credit due to an influx of fraudulent claims
By MAE ANDERSON (AP Business Writer) The Internal Revenue Service is pausing accepting claims for a pandemic-era tax credit until 2024 due to rising concerns that an influx of applications are fraudulent. The tax credit, called the Employee Retention Credit, was designed help small businesses keep paying their employees during the height of the pandemic if they were fully or partly suspended from operating. The credit ended on Oct. 1, 2021, but…
IRS will pause taking claims for pandemic-era tax credit due to an influx of fraudulent claims
By MAE ANDERSON (AP Business Writer) The Internal Revenue Service is pausing accepting claims for a pandemic-era tax credit until 2024 due to rising concerns that an influx of applications are fraudulent. The tax credit, called the Employee Retention Credit, was designed help small businesses keep paying their employees during the height of the pandemic if they were fully or partly suspended from operating. The credit ended on Oct. 1, 2021, but…
IRS will pause taking claims for pandemic-era tax credit due to an influx of fraudulent claims
By MAE ANDERSON (AP Business Writer) The Internal Revenue Service is pausing accepting claims for a pandemic-era tax credit until 2024 due to rising concerns that an influx of applications are fraudulent. The tax credit, called the Employee Retention Credit, was designed help small businesses keep paying their employees during the height of the pandemic if they were fully or partly suspended from operating. The credit ended on Oct. 1, 2021, but…
IRS will pause taking claims for pandemic-era tax credit due to an influx of fraudulent claims
By MAE ANDERSON (AP Business Writer) The Internal Revenue Service is pausing accepting claims for a pandemic-era tax credit until 2024 due to rising concerns that an influx of applications are fraudulent. The tax credit, called the Employee Retention Credit, was designed help small businesses keep paying their employees during the height of the pandemic if they were fully or partly suspended from operating. The credit ended on Oct. 1, 2021, but…
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