IRS accelerates work on Employee Retention Credit claims; agency ...

Oct 10, 2024 · Work on the claims for small businesses and others is ongoing as the agency continues to navigate a large volume of claims from the complex pandemic-era credit. A significant number of the Employee Retention Credit (ERC) claims came in during a period of …

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IRS Processing 400K ERC Claims With About $10 Billion In Eligibility

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Oct 11, 2024 · The IRS is processing 400,000 claims from the pandemic-era employee retention credit (ERC) that represent about $10 billion of eligible filings, the agency said Thursday in a …

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IRS Accelerates Work On Employee Retention Credit Claims; …

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The Internal Revenue Service announced continued progress on Employee Retention Credit claims, with processing underway on about 400,000 claims, representing about $10 billion of …

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FAQs about IRS accelerates work on Employee Retention Credit claims; agency ... Coupon?

Does the IRS still process employee retention credits?

People should remember the IRS continues to be very active in our compliance lanes on Employee Retention Credits.” During the ERC review period, the IRS continued to process claims received prior to September 2023. The agency processed 28,000 claims worth $2.2 billion and disallowed more than 14,000 claims worth more than $1 billion. ...

How many employee retention credit claims are being processed?

IR-2024-263, Oct. 10, 2024 WASHINGTON —The Internal Revenue Service announced today continued progress on Employee Retention Credit claims, with processing underway on about 400,000 claims, representing about $10 billion of eligible claims. ...

What is the employee retention credit?

“The Employee Retention Credit is one of the most complex tax provisions ever administered by the IRS, and the agency continues working hard to balance our work to protect taxpayers from improper claims while also making payments to qualifying businesses,” said IRS Commissioner Danny Werfel. ...

Will the Internal Revenue Service Deny employee retention credit claims?

IR-2024-169, June 20, 2024 WASHINGTON — Following a detailed review to protect taxpayers and small businesses, the Internal Revenue Service today announced plans to deny tens of thousands of improper high-risk Employee Retention Credit claims while starting a new round of processing lower-risk claims to help eligible taxpayers. ...

Did IRS review a risky employee retention credit claim?

“The completion of this review provided the IRS with new insight into risky Employee Retention Credit activity and confirmed widespread concerns about a large number of improper claims,” said IRS Commissioner Danny Werfel. ...

How important are employee retention credits for small businesses?

“The IRS understands the vital importance of Employee Retention Credits payments for struggling small businesses, and we are continuing to make important progress on one of the most complex tax administration provisions we’ve ever had,” said IRS Commissioner Danny Werfel. ...