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The IRS will deny billions of dollars in claims for the Employee Retention Credit, a pandemic-era tax break designed to support small businesses. Amid a surge of “questionable claims,” the IRS paused new filings in September, and it will extend the moratorium while processing lower-risk filings. The agency's review identified high-risk claims, resulting in tens of thousands of rejections and further examination of other suspect filings to protect against improper payouts.
Read more at CNBC about how the IRS is handling questionable ERC claims.
By Rebecca Meiser
Contributor, Commerce + Communities Today and Small Business Center
ICSC champions small and emerging businesses in getting from business plan to brick-and-mortar.
Learn more