IRS Issues New Guidance on the Process for Businesses to Withdraw Previously Filed COVID-Related Employee Retention Tax Credit Applications to Ensure Employers Only Proceed with Proper Applications
The Internal Revenue Service (IRS) issued details on how companies and business owners can withdraw their employee retention tax credit applications related to the COVID-era program that encouraged employers to keep workers on their payroll while they were closed. This follows the IRS’s September 14, 2023 notice that the program was being exploited by dubious promoters who were encouraging a large volume of improper claims that caused the IRS to pause processing of applications for this tax credit. The IRS will also be holding a webinar on November 2, 2023 at 2pm ET entitled Employee Retention Credit: Latest Information on the Moratorium and Options for Withdrawing or Correcting Previously Filed Claims for which interested parties may register here. The IRS will also make a recording of the webinar available to the public. Further information on the Employee Retention Tax Credit and recent IRS actions to crack down on meritless and fraudulent claims for this credit can be found in the question and answer checklist and other resources that the IRS recently posted.
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