The IRS is taking steps to recover money that was improperly distributed under the Employee Retention Credit (ERC). Over $225 million has been returned through a voluntary disclosure program.
The IRS is taking steps to recover money that was improperly distributed under the Employee Retention Credit (ERC). The ERC was intended to assist businesses in retaining employees during pandemic-related closures, but it became a target for fraud. Scammers took advantage of the complex eligibility rules by offering assistance to small businesses for a fee, even if they didn't qualify.
The IRS received $225 million through a voluntary disclosure program, allowing small businesses to return the credit and keep 20% of the amount. Over 500 taxpayers participated, with 800 submissions still under review
IRS Employee Retention Credit Fraud Small Businesses Eligibility Rules
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