09/23/2023
Business Employee retention credit has been paused so IRS can set up more controls for frivolous claims. Thus, you can still file if you qualify but need to have the documentation to support how it affected your biz. There have been so many ads and emails claiming you can receive so much per employee but many restrictions and limitations that need to be carefully considered. Also, you need to go back and amend the 2020 or 2021 return for the credit you receive now so refund is not taxable in 2023 but your deduction is reduced on the prior returns so you will owe on amended returns. Please proceed with caution!! ⚠️
In this Insight, FORVIS’s Kristin Balding Gutting, ERC Provider’s Sunshine Chapman, and Akerman’s Joshua Hamlet offer their perspectives on the IRS’s announcement that it will pause processing new employee retention claims.
