IRS to Restart Review of Employee Retention Credit Claims
Thursday, 8 August 2024, 13:34
Reopening of Pandemic Tax Credit Applications
The IRS is set to restart the processing of new pandemic tax credit claims submitted by employers.
Reasons for Previous Pause
The agency had initially paused reviewing applications for the Employee Retention Credit due to the discovery of numerous 'red flags' indicating potential fraudulent claims.
Impact on Employers
- Employers can now resume submitting claims.
- The resumption of claims is crucial for businesses looking to recover financially post-pandemic.
- Employers are encouraged to ensure their claims are legitimate to avoid flagging.
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.