IRS plans to deny most Employee Retention Credit program claims due to suspected fraud.

The IRS plans to deny the vast majority of claims for the Employee Retention Credit program, which was designed to help businesses during the pandemic. The program has been plagued by suspicions of fraud, with the IRS stating that 70% of the claims currently awaiting processing show red flags about their accuracy. The agency will continue its moratorium on processing new claims.

June 20, 2024
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