IRS Updates for Employee Retention Credit (ERC)

At ERC Together, we are dedicated to staying abreast of the latest updates from the IRS and publications that shape the landscape of tax regulations. Just like ERC Specialists, ERC Together prioritizes adherence to IRS guidelines by consistently monitoring updates. Our commitment extends beyond mere compliance; we actively enhance our processes to align with the evolving regulatory framework. With a focus on assisting customers at every stage of filing, ERC Together is your trusted partner in navigating the complexities of tax regulations while ensuring compliance and optimal support for our clients.

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Stay Up to date with IRS News

ERC Together is Up to Date on IRS News regarding the Employee Retention Credit

On September 14th, 2023, the IRS issued a directive imposing an immediate halt on the processing of new ERC applications until at least the year’s end. This measure is a response to the unfortunate prevalence of bad actors making exaggerated promises regarding the credit and falsely assuring eligibility to exploit upfront fees.

At ERC Together, we posit that this temporary suspension will prove advantageous to business owners by curbing the influence of untrustworthy and aggressive entities within the field. Despite the consequential deceleration in refund processing, it is crucial to emphasize that this IRS action does not signify the termination of the ERC Program.

Unveiling the Employee Retention Credit in the News:

Discover insights from analysts on this crucial credit. Qualification hinges on a “suspension test,” showcasing how your operations were affected by a Covid-19 governmental order. It’s essential to note that government restrictions may have impacted your operations, even without a direct shutdown order.

The Tax Adviser - Self Employment Tax Credit

Greetings! Our tax adviser has delved into a critical and timely topic—Worth amending for: Credits for sick and family leave. In the ever-changing landscape of tax regulations, this insightful piece explores the intricacies of tax credits designed to provide relief for sick and family leave. Discover valuable information that could potentially impact your financial well-being and gain insights into the opportunities for amending tax returns to secure the credits you deserve. Stay informed, stay empowered!

Fox News 59 - $32k tax credits available for self-employed Americans affected by COVID-19

According to Fox News 59, a significant financial relief opportunity is on the horizon for self-employed Americans impacted by COVID-19. Reports indicate that there are tax credits amounting to $32,000 available for individuals navigating the challenges brought about by the pandemic. This development highlights a crucial avenue for self-employed professionals to alleviate financial burdens, showcasing the government's commitment to supporting those adversely affected by the ongoing health crisis. As the landscape of tax credits evolves, it becomes increasingly important for eligible individuals to stay informed and seize the available opportunities for economic relief.

JD Supra News

The Internal Revenue Service (IRS) has introduced a voluntary disclosure program, valid until March 22, 2024, for those who may have erroneously claimed eligibility for the Employee Retention Credit (ERC). This program allows eligible taxpayers to rectify questionable ERC claims. The IRS is actively pursuing cases of widespread ERC fraud and has implemented a moratorium on new claims. Businesses, particularly those relying on third-party consultants for ERC claims during transactions like changes of control or fundraising, should consider this voluntary disclosure program to avoid potential audit consequences. Employers can participate by submitting Form 15434 before the deadline, cooperating with the IRS, and voluntarily repaying the entire ERC amount received, minus 20 percent. The program offers a more realistic resolution path for those engaged in sales or financing processes.

US Chamber of Commerce

This headline suggests a focus on the Employee Retention Credit (ERC) with a specific emphasis on IRS audit activity. The content likely provides insights into what individuals or businesses should be aware of regarding ERC-related audits and offers guidance on how to prepare for such examinations.

Spectrum News

The tax filing extension deadline has concluded, but the Internal Revenue Service (IRS) is now focusing on more than just late filings. Due to an influx of questionable claims, the IRS is taking a cautious approach, specifically pausing the processing of a particular tax credit.

Bloomberg Tax

In a recent Bloomberg Tax article following the announcement of the moratorium, insights from three distinct experts are featured. Kristin Balding Gutting, representing FORVIS, advocates for businesses to scrutinize both existing and potential Employee Retention Credit (ERC) claims. Sunshine Chapman, a spokesperson for ERC Provider, emphasizes that the IRS’s pause should not dissuade businesses from pursuing valid claims. Additionally, Joshua Hamlet from Akerman suggests that businesses capitalize on the IRS stoppage by seeking guidance from a reliable tax professional.

Forbes Magazine

Brock Blake of Lendio expresses appreciation for the IRS’s initiative to eliminate fraudulent applications in a separate Forbes article, acknowledging that this action will clear the path for genuine applicants. However, he notes that the extensive media coverage and attention have added confusion for legitimate small business owners, making it challenging for them to discern whether they should proceed with applying for the tax credit.

The Washington Times

As reported in the Washington Times, Peter Mihalik, former legislative director and counsel to Congressional representatives, contends that the IRS is unjustly attempting to restrict access to the ERC refundable tax credit under the guise of combating scams.

Forbes Magazine

Forbes Magazine highlights Robert Wood from WoodLLP, clarifying the ERC Moratorium’s significance. “The moratorium doesn’t imply the IRS is closing the ERC program; only Congress and the President can do that. It also doesn’t signal the IRS rejecting valid ERC claims, but rather anticipates delays in check disbursements.”


KVTZ underscores the ongoing accessibility of ERC credits for small businesses, noting that while new claims remain open for submission, their review will be deferred until after January 1, 2024.

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