Small Business Center
IRS Commissioner Danny Werfel has ordered an immediate halt to processing new claims for the Employee Retention Credit, a pandemic-era small business tax break, in response to a surge in questionable claims submitted by promoters and specialist firms falsely promising businesses that they qualify for the tax break. The suspension will stay in effect until at least the end of 2023, and existing claims may face extended processing times.
To read more about the IRS’s decision and its impact, read this CNBC story.
By Rebecca Meiser
Contributor, Commerce + Communities Today