IRS Warns of Looming Deadline to Disclose Wrongly Received Tax Credits or Face Penalties

Published on January 27, 2024

The Internal Revenue Service (IRS) is sounding the alarm, urging businesses to promptly review their eligibility for a pandemic-era tax credit and take action before a March 22 deadline or face potential penalties. The IRS on Jan. 25 renewed calls for employers to assess their qualifications for the Employee Retention Credit (ERC), a refundable tax credit designed for businesses that continued paying employees during COVID-19 shutdowns. A large number of improper ERC claims were pushed by predatory promoters on unwitting businesses, with an investigation by the IRS Criminal Investigation (IRS-CI) division earlier uncovering over $2.8 billion of potentially fraudulent ERC claims. Because of the large number of wrongly filed ERC claims and the predatory promotions surrounding them, the IRS has been working on ways to get taxpayers who incorrectly claimed the credit to pay it back with minimal penalty....

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