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IRS+says+%E2%80%98vast+majority%E2%80%99+of+1+million+pandemic-era+credit+claims+show+a+risk+of+being+improper

Posted on AllSides June 21st, 2024
From The Center

The Internal Revenue Service said Thursday a review of 1 million claims for the Employee Retention Credit representing $86 billion shows the “vast majority” are at risk of being improper. The ERC was designed to help businesses retain employees during pandemic-era shutdowns, but it quickly became a magnet for fraud. Its complex eligibility rules allowed scammers to target small businesses, offering help applying for the ERC for a fee — even if they didn’t qualify. About 10% to 20% of the 1 million claims show “clear signs of being erroneous”...

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https://neworleanscitybusiness.com/blog/2024/06/21/irs-says-vast-majority-of-1-million-pandemic-era-credit-claims-show-a-risk-of-being-improper

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