The IRS says it’s making progress with initiatives to claw back money improperly distributed under the Employee Retention Credit.
FILE - A sign outside the Internal Revenue Service building is seen, May 4, 2021, in Washington. The IRS says its making progress with initiatives to claw back money improperly distributed under the Employee Retention Credit. The ERC was designed to help businesses retain employees during pandemic-era shut downs, but it quickly became a magnet for fraud. – The IRS says it's making progress with initiatives to claw back money improperly distributed under the Employee Retention Credit.
An ongoing program that lets small businesses withdraw unprocessed claims has led to 1,800 businesses withdrawing $251 million worth of claims. And finally, the IRS has assessed $572 million in audits of more than 12,000 businesses that filed over 22,000 improper claims.
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