IRS Foils $1 Billion In Improper or Fraudulent Pandemic-Era Tax Credit Claims

Published on March 23, 2024

The Internal Revenue Service (IRS) says it has uncovered over $1 billion in potentially fraudulent pandemic-era tax credit claims in the last six months alone, with another $3 billion in potentially bad claims that are being looked into by its criminal investigations unit. The IRS said in a March 22 announcement that its compliance efforts managed to prevent over $1 billion in fraudulent or incorrect Employee Retention Credit (ERC) claims from being redeemed since the agency imposed a moratorium on new claims in September 2023. “The IRS has made important progress in our compliance efforts protecting more than $1 billion in revenue in just six months, but we remain deeply concerned about widespread abuse involving these claims that have harmed small businesses,” IRS Commissioner Danny Werfel said in a statement....

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