π’ IRS Announces Special Withdrawal Process for Employee Retention Credit (ERC) Claims
The IRS is taking action to protect small businesses from scams related to ERC claims. If you feel that you were pressured or misled by ERC marketers or promoters into filing ineligible claims, please keep reading. The IRS introduced a withdrawal option to help those who filed an ERC claim and are worried about its accuracy. Here’s what you need to know:
π« If you filed an ERC claim and haven’t received a refund yet, you can withdraw your submission to avoid future repayment, interest, and penalties.
π Claims withdrawn will be treated as if they were never filed, with no penalties or interest imposed by the IRS.
β οΈ Please note: If you filed a fraudulent claim or aided in such conduct, withdrawal won’t exempt you from potential criminal investigation.
IRS Commissioner Danny Werfel says, βThe aggressive marketing of these schemes has harmed well-meaning businesses and organizations, and some are having second thoughts about their claims. We want to give these taxpayers a way out.β
ποΈ The IRS is also placing a moratorium (pause) on accepting new ERC claims submitted after September 14th until at least the end of this year due to a flood of ineligible claims.
For more details on how to withdraw an ERC claim, visit IRS.gov/withdrawmyerc.
Stay informed and stay safe from scams. #IRS #SmallBusiness #ERCWithdrawal #TaxInfo