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Accountancy Slice
North America
IRS tackles ERC claims processing

The Internal Revenue Service (IRS) is currently processing around 400,000 claims for the Employee Retention Credit (ERC), amounting to approximately $10bn in eligible claims. Commissioner Danny Werfel stated: "In recent weeks, the IRS has made substantial progress in separating eligible claims from the wave of ineligible claims." The agency is addressing a significant number of claims that were submitted during a time of aggressive marketing by promoters, which led to many improper claims. It is intensifying audits and investigations into potential fraud while also offering a supplemental claim process to assist third-party payers. The second Employee Retention Credit Voluntary Disclosure Program is set to conclude on November 22nd.

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