It’s no secret that the IRS is aggressively seeking to disallow dubious claims for the Employee Retention Credit (ERC). That’s why new claims have been halted for now. As part of the process, the IRS is sending out more than 20,000 letters to taxpayers whose claims have been disallowed. Key reasons for disallowance include that the business didn’t exist or didn’t have paid employees during the relevant time period. Taxpayers still have until at least the end of 2023 “to avoid future action” by voluntarily withdrawing a pending ERC claim, the IRS noted. Those who have received improper payments but haven’t cashed the checks can simply return them. To learn more: https://bit.ly/4a7GbPF
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