IRS Warns Businesses to Report Falsely Claimed Pandemic Credit by March 22 Deadline

Published on February 14, 2024

The Internal Revenue Service (IRS) asked businesses that incorrectly claimed a pandemic credit to report and resolve the issue by next month, detailing “seven warning signs” indicative of such claims. The Employee Retention Credit (ERC) was instituted during the COVID-19 pandemic. It offered a refundable tax credit for businesses that paid employees when shut down due to lockdowns and other restrictions. However, the program came under “aggressive, misleading marketing” from various promoters, the IRS said in a Feb. 13 press release. The agency said these promoters mischaracterized eligibility rules and pushed businesses to apply and claim ERC credit in exchange for a percentage of the payout. Such businesses have been given until March 22 to disclose ERC’s claimed in error and settle the issue by repaying 80 percent of the claim amount....

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