According to Accounting Today, the Internal Revenue Service will be adding extra procedures to deter scammers who have been inundating the agency with bogus claims for the Employee Retention Credit.
- How many claims for the ERC has the IRS received since the credit was enacted early in the Pandemic?
- What is the backlog on handling these claims?
- Who qualifies for this tax credit?
- What is the main reason for the uptick in fraudulent ERC claims?
- What is the period of eligibility?
- How long can small businesses file for this credit?
Cohn, M. (2023) IRS plans new measures to curb Employee Retention Credit fraud. Accounting Today, July 26 (Retrievable online at https://www.accountingtoday.com/news/irs-plans-new-measures-to-curb-employee-retention-credit-fraud?)