9/14/2023: IRS Moratorium on new ERC claims
What does this mean?
On 9/14/2023, the IRS announced an immediate moratorium on the processing of new ERC claims until (at least) 2024. The full press release can be found here. For society as a whole, this is a good thing – the IRS is finally taking a stand against all the scammers and spammers that have flooded the ERC marketplace.
This action is a result of a recent increase in suspicious and fraudulent claims, driven by mass-marketing companies promising large refunds with little-to-no diligence and using dubious eligibility criteria. The IRS plans to add additional safeguards to protect taxpayers from these schemes, including a 90-180 day processing timeline, potential added documentation requirements, and a voluntary ERC settlement program to allow victims to repay invalid ERC claims without penalties.
ERC Today remains the industry leader in IRS Compliance, and will continue to serve eligible clients now and after the moratorium has been lifted.
