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ERC Disclosure Program Faces IRS Scrutiny
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IRS Memorandum on ERC Eligibility
Overview
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Employee Retention Credit (ERC) disclosure program faces increased IRS scrutiny, leading to a voluntary disclosure program for businesses. The IRS has initiated 252 investigations involving over $2.8 billion of potentially fraudulent ERC claims, with 15 resulting in federal charges. Taxpayers are advised to assess their eligibility and amount claimed before the program's expiration.
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How might the increased IRS scrutiny impact the overall perception of the Employee Retention Credit program?
How might this situation influence the future design of tax incentive programs?
What measures can businesses take to ensure compliance with the Employee Retention Credit regulations?
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