House Republicans push IRS for answers on processing pause for small business tax credit

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House Republicans are pressing the IRS for answers after the agency paused processing new employee retention tax credit claims. Here's what to know.

House Republicans are pressing the IRS for answers after the agency paused processing new claims for a pandemic-era small business tax break.

House Ways and Means Committee chairman Jason Smith, R-Mo., and Oversight Subcommittee chairman David Schweikert, R-Ariz., asked the IRS for updates on the backlog of unprocessed ERC claims., or ERC, which was enacted to support small businesses during the Covid-19 pandemic. Worth thousands per employee, the credit sparked a flood of amended returns, many of which were wrongly filed after bad advice fromon Tuesday, House Ways and Means Committee chairman Jason Smith, R-Mo.

The letter asked several questions about the ERC program, including the number of unprocessed claims, a timeline to clear the backlog, plans to improve processing for legitimate filings and more.As of Sept. 27, the total inventory of unprocessed Forms 941-X, used to amend an employer's quarterly federal tax returns, was roughly 779,000,

 

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