ERC
Given their increased concerns about the agressive marketing campaigns on ERC (especially by what the IRS refers to as "ERC Mills"), the IRS has implemented a moratorium through December 31st of this year on processing any new ERC claims.
The IRS has processed 3.6M ERC claims thus far and feels most are valid. However, they have referred over 1,000 ERC claims to audit thus far and have pursued 252 criminal investigaitions on ERC claims that total $2.8 Billion (yes, that means those 252 claims got an average of $11Million in ERC rebates...).
The IRS is also implementing both a withdrawal process (for those ERC claims not processed yet in the event taxpayers feel they were misled and want to withdrawal the claim) as well as a settlement process (for those taxpayers that want to give back ERC rebates received if they feel they were misled and did not qualify). More detials to follow on both of these efforts but the link below has some fact or fiction insights from the AICPA that may be helpful if you feel you were potentialy misled on filing your ERC claim.
As a reminder, the ERC rebates do have tax consequenes so as soon as we are done with the October extensions, we will turn our attention to completing the amended returns required for the ERC rebates received.
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