IRS Recovers Improperly Distributed Funds Under Employee Retention Credit

The IRS is making progress in recovering money distributed improperly under the Employee Retention Credit (ERC). The ERC was intended to help businesses retain employees during pandemic shutdowns but became a target for fraud. The IRS received $225 million from a voluntary disclosure program, with over 500 taxpayers participating. Another program allowed 1,800 businesses to withdraw unprocessed claims worth $251 million.

Additionally, the IRS has conducted audits on over 12,000 businesses, resulting in $572 million in assessments

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