IRS offers eject button for companies concerned about tax credit claims ...Middle East

The IRS announced an easy exit for companies worried about the accuracy of their Employee Retention Credit after a flood of improper claims. On Thursday, the IRS detailed a special withdrawal process to help companies that filed for an Employee Retention Credit, a refundable tax credit for businesses and tax-exempt organizations that continued to pay employees amid government-imposed COVID-19 shutdowns. This new withdrawal option allows certain employers who filed an ERC claim but have not yet received a refund to withdraw their submission and avoid future repayment, interest and penalties. Employers that submitted an ERC claim that’s still being processed

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Last updated : 23 October 2023 clock 12:20 AM

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IRS offers eject button for companies concerned about tax credit claims ...Middle East

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