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Small business owners relying on the Employee Retention Credit face uncertainty as the IRS temporarily suspends the processing of new claims due to a surge in questionable applications. The IRS is set to provide further guidance on withdrawing unprocessed claims and to introduce a settlement program for businesses that mistakenly received the credit. Experts are advising small business owners to consult qualified tax professionals to assess their eligibility and consider proactive repayment if necessary, as legitimate ERC claims remain viable until 2024.
For more tips and updated information on the Employee Retention Credit, check out this CNBC article.
By Rebecca Meiser
Contributor, Commerce + Communities Today and Small Business Center
ICSC champions small and emerging businesses in getting from business plan to brick-and-mortar.
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