Reported 10 months ago
The Internal Revenue Service reported that out of 1 million claims for the Employee Retention Credit totaling $86 billion, the majority are at risk of being improper due to fraud. About 10-20% of claims clearly show errors and will be denied, while 60-70% have an unacceptable risk of being improper and will undergo further evaluation. The IRS will start processing the 10-20% claims with low risk, while a moratorium on new claims submitted after Sept. 14, 2023 remains.
Source: YAHOO