On November 2, the IRS presented a webinar, Employee Retention Credit: Latest information on the Moratorium and Options for Withdrawing or Correcting Previously Filed Claims. Roy Chaney, Senior Stakeholder Liaison for the IRS, discussed the current moratorium on Employee Retention Credit (ERC, sometimes referred to as the Employee Retention Tax Credit or ERTC) claims, the ERC claim withdrawal process, and strategies aggressive promoters use to lure businesses to make false ERC claims and how the IRS is combating abuse. John J. McInelly, the Executive overseeing the ERC program for the IRS, was on hand to address questions from participants.
On September 14, 2023, the IRS announced an immediate moratorium until at least the end of the year in response to the flood of ERC claims received due to aggressive promoters and marketers pressuring businesses to submit ineligible claims. Chaney noted that the IRS has over 600,000 claims in its current open inventory, nearly all of which were received within 90 days before the moratorium of this expired credit.
The IRS continues to work with the Department of Justice to address ERC fraud by pursuing promoters. Specifically, the IRS Criminal Investigation (CI) Division is actively working to identify fraud and promoters of fraudulent claims for potential referral for prosecution to the Justice Department. As of July 31, 2023, the CI Division initiated 252 investigations...
A bevy of false claims flooded social media after Wednesday’s fatal shooting of conservative activist Charlie Kirk. Kirk, 31, was gunned down while speaking at an event in Orem, Utah. Two days la...