• Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans

Subscribe to Updates

Get the latest finance news and updates directly to your inbox.

Top News

Why The SSA’s Big Beautiful Bill Statement Jeopardizes The Agency’s Trust

July 8, 2025

New Tariff Threats Tank Stocks: Find Out How to Protect Your Portfolio

July 8, 2025

Siblings With Self-Funded 8-Figure Brand Share Business Tips

July 7, 2025
Facebook Twitter Instagram
Trending
  • Why The SSA’s Big Beautiful Bill Statement Jeopardizes The Agency’s Trust
  • New Tariff Threats Tank Stocks: Find Out How to Protect Your Portfolio
  • Siblings With Self-Funded 8-Figure Brand Share Business Tips
  • Here Are the Traits OpenAI Executives Look For in New Hires
  • Being ‘Nice’ Almost Cost Me My Business — Here’s What I Do Differently Now
  • Jack Dorsey Announces Bitchat Messaging App
  • Big Beautiful Bill Estate Planning Ideas
  • Think You’re Building Wealth? These 16 Money Mistakes Say Otherwise
Tuesday, July 8
Facebook Twitter Instagram
iSafeSpend
Subscribe For Alerts
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans
iSafeSpend
Home » The IRS Takes Action to Help Those Scammed by the Employee Retention Credit Promoters
Wealth

The IRS Takes Action to Help Those Scammed by the Employee Retention Credit Promoters

News RoomBy News RoomOctober 26, 20230 Views0
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email Tumblr Telegram

Many tax professionals are familiar with cases where clients were aggressively encouraged to apply for the Employee Retention Credit (ERC), resulting in false claims and penalties. To address this, the IRS has recently published FS-2023-24, temporarily halting the program and providing a procedure to withdraw claims without penalties.

The ERC, established under the CARES Act in response to the COVID-19 pandemic, offers a tax credit to reimburse” qualified wages” paid during periods of economic hardship or business closure in 2020 or 2021. Eligible employers, who experienced a full or partial suspension of business or a reduction in gross receipts due to COVID-19, can claim a tax credit of 50% or 70% of qualified wages, up to certain limits.

Unfortunately, the ERC has been subject to abuse, with ineligible and fraudulent claims made due to aggressive promotion by unscrupulous individuals. The IRS has acted by imposing a moratorium on new claims while continuing to process previously filed claims. Stricter compliance reviews have been implemented, lengthening the processing time.

To address the issue of claims already filed, the IRS has issued FS-2023-24, outlining a process for taxpayers to withdraw their ERC claims. Taxpayers who believe their claims were inappropriate should consult with a qualified tax attorney and follow the withdrawal process outlined by the IRS, which involves filing an amended Form 941.

It is important for taxpayers who may have filed an inappropriate ERC claim to refrain from cashing any checks and seek independent legal counsel for guidance on the best course of action. The withdrawal process offers relief for those who unknowingly fell victim to aggressive promoters or filed claims they believed were eligible.

By following the withdrawal process with the assistance of a qualified tax attorney, taxpayers can rectify their situation. We hope that the IRS will provide clear procedures for those who have already received the credit but have now realized their ineligibility, allowing them to return the funds through a settlement program.

The misuse of the ERC by unqualified claimants will likely result in numerous criminal investigations and civil penalty situations. It is crucial for affected taxpayers to act promptly and seek professional advice to navigate through this challenging situation.

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

Expecting Expenses To Decline In Retirement? They May Rise

Wealth November 30, 2023

Comparing Job Offers: Going Beyond Base Salary

Wealth November 28, 2023

Where Do You Stand? Compare Your Net Worth To The National Average

Wealth November 23, 2023

Investment Lessons From Your Thanksgiving Turkey

Wealth November 22, 2023

FinCEN’s New FAQ On Reporting Beneficial Owner Information

Wealth November 20, 2023

Meta, Alphabet, Disney: 3 Top Holdings Of This ETF Hitting New Highs

Wealth November 20, 2023
Add A Comment

Leave A Reply Cancel Reply

Demo
Top News

New Tariff Threats Tank Stocks: Find Out How to Protect Your Portfolio

July 8, 20250 Views

Siblings With Self-Funded 8-Figure Brand Share Business Tips

July 7, 20250 Views

Here Are the Traits OpenAI Executives Look For in New Hires

July 7, 20250 Views

Being ‘Nice’ Almost Cost Me My Business — Here’s What I Do Differently Now

July 7, 20250 Views
Don't Miss

Jack Dorsey Announces Bitchat Messaging App

By News RoomJuly 7, 2025

Twitter co-founder and CEO of Block Jack Dorsey launched the beta version of a new…

Big Beautiful Bill Estate Planning Ideas

July 7, 2025

Think You’re Building Wealth? These 16 Money Mistakes Say Otherwise

July 7, 2025

These Jobs Can Pay $100 an Hour (or More) Without a Degree

July 7, 2025
About Us

Your number 1 source for the latest finance, making money, saving money and budgeting. follow us now to get the news that matters to you.

We're accepting new partnerships right now.

Email Us: support@isafespend.com

Our Picks

Why The SSA’s Big Beautiful Bill Statement Jeopardizes The Agency’s Trust

July 8, 2025

New Tariff Threats Tank Stocks: Find Out How to Protect Your Portfolio

July 8, 2025

Siblings With Self-Funded 8-Figure Brand Share Business Tips

July 7, 2025
Most Popular

This $6 Aldi Find Could Save You Hundreds of Dollars

July 5, 20251 Views

Why The SSA’s Big Beautiful Bill Statement Jeopardizes The Agency’s Trust

July 8, 20250 Views

New Tariff Threats Tank Stocks: Find Out How to Protect Your Portfolio

July 8, 20250 Views
Facebook Twitter Instagram Pinterest Dribbble
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 iSafeSpend. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.