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IRS Sends Denial Letters for ERC Claims
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COVID-era Tax Credit Under Scrutiny
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The IRS is issuing over 20,000 denial letters to taxpayers for Employee Retention Credit (ERC) claims, targeting ineligible individuals. The IRS is reviewing these claims and may request additional information. The ERC program provides a credit for employers who paid qualified wages to employees during economic hardships. The IRS has introduced a withdrawal option and a voluntary disclosure program to avoid future actions. Taxpayers are advised to review IRS guidance and tools to determine ERC eligibility and exercise caution when approached by promoters.
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How does the IRS's introduction of a withdrawal option and a voluntary disclosure program reflect its efforts to address tax compliance issues?
How might the IRS's decision to issue denial letters impact the compliance and tax planning strategies of individuals and businesses?
What measures can taxpayers take to ensure compliance with the Employee Retention Credit program and avoid penalties?
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