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What to know as IRS kicks off withdrawal option for pandemic-era small business tax credit

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The IRS has announced a special withdrawal process for small businesses that wrongly claimed the employee retention tax credit. Here’s what to know.

The IRS has announced a special withdrawal process for small businesses that wrongly claimed a pandemic-era tax break.

"I'm actually shocked at some of the horror stories we've been seeing," said Hylton, who is a former IRS commissioner for the agency's small business and self-employed division.This procedure is banned in the US. Why is it a hot topic in fight over Ohio's abortion amendment? "It's a mulligan moment," said Dean Zerbe, national managing director at Alliantgroup. He said the withdrawal option is an opportunity to fix mistakes before the IRS catches them.

 

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What to know as IRS kicks off withdrawal option for pandemic-era small business tax creditThe IRS has announced a special withdrawal process for small businesses that wrongly claimed the employee retention tax credit. Here's what to know.
Source: CNBC - 🏆 12. / 72 Read more »