The IRS is asking Congress for help in battling widespread Employee Retention Tax Credit (ERTC) fraud. The agency has already temporarily stopped accepting new ERTC claims. And in a letter to Senate Finance Committee Chairman Ron Wyden (D-OR), the tax agency made two requests: 1) that Congress will give the IRS authority to regulate paid tax preparers; and 2) that Congress will pass specific legislation that can help prevent bad actors from profiting when businesses erroneously claim the ERTC. “Congress should pass legislation making clear these mills have to play by the same rules as other professionals who prepare returns for taxpayers,” asserted a U.S. Treasury Dept. official.
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