IRS Urges Congress to Eliminate Employee Retention Credit as Fraudulent Claims Escalate

Thursday, 20 June 2024, 20:00

The IRS has alerted Congress about the escalating number of fraudulent claims related to the employee retention credit. The agency is pushing for the removal of this benefit to curb the rising incidents of misuse. This move aims to protect the integrity of the credit system and prevent losses due to the current 'gold rush' of bogus claims.
The Hill
IRS Urges Congress to Eliminate Employee Retention Credit as Fraudulent Claims Escalate

IRS Calls for Action

The IRS has raised concerns about the spike in questionable claims linked to the employee retention credit.

Fraudulent Activity

Recent reports have highlighted a surge in 'gold rush' behavior surrounding these claims.

  • Protecting Integrity: The IRS is looking to safeguard the credit system from abuse.
  • Prevention Measures: Removing the credit could deter further fraudulent activities.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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