IRS Tackles The Latest Scam

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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.

Questions:

  1. How many claims for the ERC has the IRS received since the credit was enacted early in the Pandemic?
  2. What is the backlog on handling these claims?
  3. Who qualifies for this tax credit?
  4. What is the main reason for the uptick in fraudulent ERC claims?
  5. What is the period of eligibility?
  6. How long can small businesses file for this credit?

Source:

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?)