IRS unveils ‘special withdrawal process’ for small businesses that claimed pandemic-era tax credit ...Middle East

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IRS unveils ‘special withdrawal process’ for small businesses that claimed pandemic-era tax credit
Internal Revenue Service Commissioner Daniel Werfel testifies during the Senate Finance Committee hearing on “The President’s Fiscal Year 2024 IRS Budget and the IRS’s 2023 Filing Season,” in Dirksen Building on Wednesday, April 19, 2023. Tom Williams | CQ-Roll Call, Inc. | Getty Images The IRS on Thursday announced a “special withdrawal process” for small businesses that may have wrongly claimed the so-called employee retention tax credit, or ERC. Enacted to support small businesses during the pandemic, the ERC, worth thousands per eligible employee, has been a magnet for fraudulent or “questionable claims,” according to the IRS. Many small businesses were misled by ERC promoters,

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