IRS Offers Process For Withdrawing Bogus ERC Claims

As part of a larger effort to protect small businesses and organizations from scams , the IRS announced details of a special withdrawal process to help those who filed an Employee Retention Credit ( ERC ) claim and are concerned about its accuracy .

This new withdrawal option allows certain employers that filed an ERC claim , but have not yet received a refund , to withdraw their submission and avoid future repayment , interest and penalties . Employers that submitted an ERC claim that ’ s still being processed can withdraw their claim and avoid the possibility of getting a refund for which they ’ re ineligible .

The IRS created the withdrawal option to help small-business owners and others who were pressured or misled by ERC marketers or promoters into filing ineligible claims . Claims that are withdrawn will be treated as if they were never filed and the IRS will not impose penalties or interest .

Those who willfully filed a fraudulent claim , or those who assisted or conspired in such conduct , should be aware that withdrawing a fraudulent claim will not exempt them from potential criminal investigation and prosecution .

Find more details at IRS . gov / withdrawmyerc .

IRS 2024 PTIN Renewal Period Underway For Tax Professionals

Active tax return preparers can take the first step in their filing season readiness by renewing their Preparer Tax Identification Numbers ( PTINs ) now .

Anyone who prepares or helps prepare a federal tax return or a claim for refund for compensation must have a valid PTIN from the IRS . They also need to include the PTIN as their identifying number on any return or claim for refund filed with the IRS . PTINs expire on Dec . 31 of the calendar year for which they are issued . All 2023 PTINs will expire on Dec . 31 , 2023 . To renew your PTIN , visit irs . gov / taxpros .

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