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Forbes Money Taxes ERC Moratorium – What Does That Mean? Daniel Mayo Contributor Opinions expressed by Forbes Contributors are their own. I focus on business tax planning and defending taxpayers before the IRS. Following Sep 23, 2023, 03:03pm EDT | Press play to listen to this article! Got it! Share to Facebook Share to Twitter Share to Linkedin The IRS announced on September 14, 2023 a processing moratorium on new employee retention credit (ERC) claims. This means that it will not process any newly filed ERC claims until it works through its backlog of more than 600,000 claims, which it estimates will not occur until next year. The moratorium does not mean that the IRS is shutting down the ERC program because the IRS does not have the power to do that; only Congress and the President can do that. It also does not mean that the IRS is refusing to pay valid ERC claims that were already filed or will be filed in the future. It just means that there will be delays in receiving checks. The stated reason for the processing moratorium is to prevent fraudulent ERC claims, which the IRS claims to be receiving with increasing frequency. The IRS has the twin goals of protecting the fisc and protecting “honest small business owners from scams.” CHICAGO - NOVEMBER 1: Current federal tax forms are distributed at the offices of the Internal ...
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