There’s much to report:

The IRS has a new Employee Retention Credit (ERC) payback scheme for you to consider.

H.R. 7024 contains only bad news for the ERC, and it continues to sit in the Senate waiting for likely action.

The IRS is processing some ERC claims, sending some refunds, and denying other claims.

Latest IRS ERC Payback Scheme

You may remember our February 2024 article where we examined the first IRS ERC payback. It went like this: pay back 80 percent of your ERC claim and keep the rest, tax-free.

The IRS reports that 2,600 taxpayers took advantage of the first payback.1 This is a miniscule number. IRS Commissioner Danny Werfel told reporters on June 20, 2024, that new ERC claims were coming in at the rate of 17,000 a week and ... Log in to view full article.