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Erroneous claims for the Employee Retention Credit have topped $1 billion, the Internal Revenue Service said recently.
The totals stemmed from three IRS programs aimed at reducing ERC claims. This included the ERC Voluntary Disclosure Program which has drawn submissions from 500 taxpayers with more than $225 million claims. Another 800 submissions are being processed. While this program was suspended after March 22, the IRS said it could potentially reopen.
The claim withdrawal processed has led to 1,800 entities withdrawing $251 million in claims. The IRS has determined that 22,000 improper claims were filed by more than 12,000 entities. The IRS has issued $572 million in assessments stemming from these.
The IRS Criminal Investigation unit is reviewing another $3 billion in claims.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind