As the IRS takes the extraordinary step of halting the processing of new Employee Retention Credit claims through the end of the year, a number of new resources have surfaced to help small business owners and tax professionals understand what's at the stake.
The IRS on Sept. 14 announced a moratorium on the processing of new ERC claims through at least the end of the year. The move comes amid widespread claims of fraud related to the pandemic-era relief program, which was designed to help protect small business owners from scams.
According to the AICPA, the IRS will not review or process any ERC claims received on or after Sept. 14 through at least the end of 2023. "Furthermore," the AIPA states, "the IRS is encouraging taxpayers with existing claims to withdraw their claims if they believe they are ineligible. The IRS has provided an ERC eligibility checklist to help small businesses have a better understanding if they qualify. For businesses that already have a processed claim and are ineligible, the IRS will initiate a settlement program."
IRS Commissioner Danny Werfel is encouraging taxpayers to consult with tax professionals on ERC claims. "This strong acknowledgement of the profession’s role is a result of all the hard work by tax professional organizations like the AICPA and state CPA societies that have continued the drumbeat on this important issue," the AICPA added.
The following resources offer details about the ERC and what's to come during and after the IRS moratorium.
-optimized.jpg)