Erin Collins of the Taxpayer Advocate Service said this week that the IRS could have about 1 million employee retention credit (ERC) claims remaining to process by the end of the year.
Collins also said the number will likely increase until April 15, the deadline for ERC claims related to the 2021 fiscal year.
To counter a flood of claims resulting from the work of ERC promoters, the IRS announced last fall a moratorium on processing claims submitted after Sept. 14, 2023, to give the agency time to digitize information on the large study group of ERC claims. In August, the IRS said it would process claims filed between Sept. 14, 2023, and Jan. 31, 2024.
Collins said she expects the IRS to process another small tranche of claims before the year’s end. Read more.