IRS Issues New Warning Against Businesses Filing Incorrect Tax Credit Claim

Published on July 27, 2024

The U.S. Internal Revenue Service (IRS) published a list of warning signs for businesses to help them identify whether they are eligible to claim a pandemic-era employee credit program. The Employee Retention Credit (ERC) was instituted during the COVID-19 pandemic to encourage small businesses to retain their employees on payroll. It offered a refundable tax credit for entities that paid employees while shut down due to lockdowns and other restrictions. However, the agency has seen a large number of false ERC claims being submitted by companies. On Friday, the IRS issued five new warning signs related to such claims. First, the agency identified that several businesses deemed “essential” were filing for ERC claims. However, they were not eligible since their operations during the pandemic “weren’t fully or partially suspended by a qualifying government order,” IRS noted....

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