IRS claws back money given to businesses under fraud-ridden COVID-era tax credit program

FILE - A sign outside the Internal Revenue Service building is seen, May 4, 2021, in Washington. The IRS says its making progress with initiatives to claw back money improperly distributed under the Employee Retention Credit. The ERC was designed to help businesses retain employees during pandemic-era shut downs, but it quickly became a magnet for fraud. – The IRS says it's making progress with initiatives to claw back money improperly distributed under the Employee Retention Credit.

An ongoing program that lets small businesses withdraw unprocessed claims has led to 1,800 businesses withdrawing $251 million worth of claims. And finally, the IRS has assessed $572 million in audits of more than 12,000 businesses that filed over 22,000 improper claims.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

IRS Takes Action to Recover Improperly Distributed Employee Retention Credit FundsThe IRS is making progress in reclaiming funds that were fraudulently obtained through the Employee Retention Credit. Scammers exploited the program's eligibility rules to target small businesses. The agency is now working to identify and retrieve the misappropriated funds.
Source: AP - 🏆 728. / 51 Read more »