IRS Highlights New Business Tax Account Features, FS-2024-27
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read MoreThe IRS has announced plans to deny tens of thousands of high-risk Employee Retention Credit (ERC) claims while beginning to process lower-risk claims. The agency’s review has identified a significant number of improper claims. “The completion of this review provided the IRS with new insight into risky ERC activity,” IRS Commissioner Danny Werfel said. The Service aims to deny billions in improper claims and expedite payments for legitimate claims following an in-depth analysis that began last September.
The IRS‘s review has revealed that 10 to 20-percent of ERC claims fall into the highest-risk category, showing clear signs of being erroneous. These claims, submitted during aggressive marketing campaigns, will be denied in the coming weeks. Additionally, 60 to 70-percent of claims show an unacceptable level of risk and will undergo further analysis. For the 10 to 20-percent of claims deemed low-risk, processing will resume at a slower pace to ensure increased scrutiny and compliance. Initial payments from this group are expected later this summer.
In response to the findings, the IRS will continue its moratorium on new ERC claims submitted after September 14, 2023. This pause allows for further consultation with Congress and other stakeholders on the program’s future. The IRS has also encouraged businesses with unprocessed claims to use the special ERC Withdrawal Program to avoid compliance issues. Compliance efforts around erroneous ERC claims have surpassed $2 billion, with ongoing audits and criminal investigations targeting fraudulent claims and promoters.
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read MoreThe IRS has issued a series of questions and answers for 401(k) and similar retirement plans that provide, or wish […]
Read MoreThe IRS Whistleblower Office has recognized the contributions of whistleblowers on the occasion of National Whistleblower Appreciation Day, which falls on July […]
Read MoreThe floating interest rate applicable to taxes administered by the Florida Department of Revenue on underpayments (deficiencies) and late payments […]
Read MoreThe IRS has issued a reminder that summer day camp expenses may be eligible for the Child and Dependent Care tax […]
Read MoreThe IRS has updated frequently asked questions (FAQs) to provide guidance related to the critical mineral and battery component requirements […]
Read MoreThe IRS has issued a cautionary alert to taxpayers about a new scam exploiting clean energy tax credits. This emerging […]
Read MoreThe IRS reminded taxpayers that marijuana will remains a Schedule I controlled substance till a federal rule is published. Businesses […]
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