IRS Announces Upcoming Payouts for ERC Claims
Thursday, 8 August 2024, 17:00
The IRS Payout Announcement for ERC Claims
The IRS has disclosed that it faces a substantial backlog of approximately 1.4 million Employee Retention Credit (ERC) claims.
Background on the Backlog
This backlog represents nearly double the number of claims processed since the moratorium was enacted.
Expected Timeline for Payments
- The IRS plans to expedite the processing of these claims.
- Businesses can expect to receive timely updates.
Conclusion
This initiative by the IRS highlights a critical step in supporting businesses financially during challenging times, ensuring they receive due reimbursements without further delays.
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.