The Employee Retention Credit was a refundable payroll tax credit for employers that kept workers on payroll during the pandemic, worth up to 7,000 dollars per employee per quarter at its peak, and it is now a top IRS enforcement priority because of widespread improper claims.
Eligibility required a government-ordered suspension or a significant decline in gross receipts. The IRS has audited, disallowed, and demanded repayment of claims, particularly those filed by contingency-fee promoters.
Why it matters: businesses that claimed the credit should have their eligibility documentation assembled before a notice arrives.
Read more: ERC audits and disputes.
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