COVID-19 news and information

National Taxpayer Advocate Erin Collins told the AICPA & CIMA National Tax Conference that the number of unprocessed employee retention credit claims will grow before the final filing deadline in April.

Commissioner Danny Werfel says the IRS has made “substantial progress” in separating eligible claims from ineligible ones.

The Treasury Inspector General for Tax Administration estimated that a change in policy for pre-refund examinations resulted in payment of $2 billion in erroneous employee retention credit claims.

The IRS said Thursday it will reopen its voluntary disclosure program to allow businesses to correct questionable claims for the pandemic-era employee retention credit.

The IRS said the five signs are the result of what IRS compliance teams found while analyzing and processing claims for the employee retention credit (ERC). The Service plans to briefly reopen its voluntary disclosure program.

The proposed regulations apply to overpayments of interest on erroneous refunds of COVID-19 credits paid on or after July 2.