What You Need to Know
- Key takeaway #1 Taxpayers with outstanding ERC claims will be pleased that the Commissioner has indicated that the IRS will restart its processing of ERC claims in the near future.
- Key takeaway #2 Taxpayers who may have received funds to which they were not entitled may be encouraged by the IRS's willingness to accept repayment of the funds over time.
This week, IRS Commissioner Daniel Werfel informed a crowd at a conference that the IRS was looking to reset its approach to ERC claims after implementing a moratorium on processing claims in September. Mr. Werfel communicated that the IRS is focused on changing the way it processes these claims and on communicating the eligibility criteria to taxpayers. He also indicated a willingness to work with employers who received the credit, but were not actually entitled to it, allowing taxpayers to pay back the funds to the IRS in a way that works for their businesses.
Takeaways
- Taxpayers with outstanding ERC claims will be pleased that the Commissioner has indicated that the IRS will restart its processing of ERC claims in the near future.
- Taxpayers who may have received funds to which they were not entitled may be encouraged by the IRS's willingness to accept repayment of the funds over time.
Originally Published 16 November 2023
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.