The Internal Revenue Service has announced the much-anticipated procedures by which employers that applied for the Employee Retention Credit (“ERC”) can withdraw their claims. According to the IRS, many of the 3.6 million ERC claims filed are improper, due in part to misleading claims about the ERC program. Through the
By Christopher M. Ferguson CCH Journal of Tax Practice & Procedure Fall 2023, Volume 25, Issue 3 Over the past three and a half years, countless businesses have availed themselves of the Employee Retention Credit (“ERC”), a tax credit intended to incentivize businesses to retain employees during the height of
Bryan C. Skarlatos was quoted in an October 5th, 2023 article published in The Wall Street Journal titled “IRS Fight Against Pandemic Tax-Credit Scams Won’t Be Simple or Fast.” The Internal Revenue Service has labeled promoters of a popular pandemic-era tax credit, employee-retention credits, or ERC refunds, as unscrupulous scammers.
IRS Also Forecasts ERC Settlement Program On September 14, 2023, IRS Commissioner Danny Werfel ordered an immediate moratorium on the processing of Employee Retention Tax Credit (“ERC”) claims. According to the IRS, the moratorium will be in place through at least December 31, 2023. The moratorium is the IRS’s boldest step
Christopher M. Ferguson was quoted extensively in a recent Tax Notes article titled “IRS May Face Constraints in Quest to Curb ERC Abuse,” published on July 28, 2023. The article focuses on the IRS’s increased scrutiny of Employee Retention Credit (ERC) claims in response to concerns over widespread abuse of the credit. In
