Attorneys
Shareholder Chuck Rettig adds to discussion in Fortune
In an article published in Fortune on July 17, 2024, Shareholder Chuck Rettig discussed what to be aware of following last month’s IRS announcement to extend the pause on processing Employee Retention Credit claims (ERC) filed after September 14, 2023. Rettig provides an understanding of how the IRS determines which of the many credit claims are too risky and why many small businesses may have filed these claims although they were ineligible.
Rettig explained, “Confusion for taxpayers created by changes in eligibility in tandem with the focus on the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan program (EIDL) pushed Congress to extend the filing deadline for amended ERC claims.”
“It is true that the fog of war and the predatory schemes of some bad actors misled some small businesses into thinking they were eligible for ERC when they were not. That’s why the careful work of the IRS to sort the high-risk, unacceptable risk, and low-risk was so important,” Rettig wrote. “However, fighting fraud should not come at the expense of legitimate small businesses with claims pending at the IRS.”
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