Category: ERC (Employee Retention Credit)
Employee Retention Credit Update
Employee Retention Credit Update On June 20th, the IRS provided an update (IR-2024-169) on its processing of employee retention credit (ERC) claims. Below is a high-level summary of the IRS update. First, the IRS has completed its review of the roughly 1 million ERC claims filed last year and divided…
Employee Retention Credit Update
Employee Retention Credit Update Moratorium Status. Last September, the IRS announced a moratorium on processing new ERC claims. At that time, the IRS was still working through a backlog of claims totaling around 700,000. Initial hopes were that the IRS would clear this backlog in a matter of months. Unfortunately,…
IRS Announces Withdrawal Process for Employee Retention Credit Claims
On October 19, 2023, the IRS announced the details of a special withdrawal process to help those who filed an Employee Retention Credit (ERC) claim and are concerned about its accuracy. The process has been announced as part of a larger effort to protect small businesses and organizations from scams,…