The IRS is taking the unusual step of immediately stopping the processing of new claims for the employee retention credit, a complex pandemic-era credit, to address overly aggressive promotions, a flood of improper claims and rising scams.
You've, no doubt, heard all the radio ads.
Many small business owners and others are being hit by spam calls about how an employee retention credit -- worth up to $26,000 per worker -- can be a real game changer.
Now, the IRS is really changing the game.
The IRS said Thursday that its immediate moratorium would run through at least Dec. 31 and said other new protections were on the way.
Professional accountants applauded the move and said they were pleased to see the IRS push back on dishonest employer retention credit mills and promoters taking advantage of unsuspecting small businesses.
"While drastic, these measures are necessary to protect small businesses by putting a stranglehold on the unscrupulous ERC practices of credit mills," said Barry Melancon, president and CEO of the American Institute of CPAs in a statement.
The AICPA offers answers online to help taxpayers better understand when the credit can be claimed. It's called Employee Retention Credit (ERC): Fact or Fiction.
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