The IRS is currently processing around 400,000 claims for the employee retention credit (ERC), amounting to approximately $10 billion in eligible claims.
The agency is addressing many claims submitted during aggressive promoter marketing, which led to many improper claims.
The IRS is intensifying audits and investigations into potential fraud as well as offering a supplemental claim process to assist third-party payers.
The second ERC Voluntary Disclosure Program to resolve incorrect claims without penalties or interest will remain open through Friday, Nov. 22. Read more.