As the IRS pauses on processing new employee retention tax credit claims, some filers are in limbo as the agency works on further guidance. Here's what to know.
"Businesses that receive ERC payments improperly face the daunting prospect of paying those back, so we urge the utmost caution," IRS Commissioner Danny Werfel said on Thursday, urging small businesses to review claims with a qualified tax professional.
In the meantime, the IRS is working on further guidance on how to withdraw unprocessed ERC claims, along with a settlement program for small businesses who wrongly received the credit and want to pay it back.While affected small businesses may be concerned, "there's no need to panic here," said Jennifer Rohen, a principal atIf you claimed the credit and are worried about eligibility, it's an excellent time to review your filing with a qualified tax professional, she said.
My blanket advice is always to talk to a qualified tax professional who has filed [ERC claims] before."My blanket advice is always to talk to a qualified tax professional who has filed [ERC claims] before," said certified financial planner Craig Hausz, CEO and managing partner at CMH Advisors in Dallas. He is also a certified public accountant.
If you received the credit and know you don't qualify, Hausz said you should start the process of paying the money back. "I think the IRS is going to be a lot more lenient onwatch now
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