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Coronavirus/COVID-19 › Employee Retention › Fraud

Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms... more +
Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms helping to make sense of insurance, employment, tax, securities, M&A, risk management, and every other consideration touched by this crisis. Follow the channel for a daily email brief of the latest and best updates. less -
Foodman CPAs & Advisors

ERC Voluntary Disclosure Program Re-Opens

Foodman CPAs & Advisors on

On 7/15/24, the IRS announced via Notice IR-2024-212 the re-opening of the ERC (Employee Retention Credit) Voluntary Disclosure Program which will end on 11/22/24. The first ERC Voluntary Disclosure Program ended in March...more

Fox Rothschild LLP

IRS Reopens Employee Retention Tax Credit Voluntary Disclosure Program

Fox Rothschild LLP on

The ERC is a legitimate, refundable tax credit designed to help businesses that continued to pay employees while they were shut down because of the COVID-19 pandemic or that experienced a significant decline in gross receipts...more

Fox Rothschild LLP

IRS Begins Processing Some Employee Retention Tax Credit Claims Filed During the Moratorium

Fox Rothschild LLP on

The Internal Revenue Service has adjusted its moratorium on processing Employee Retention Tax Credit (ERC) claims, announcing last week it will begin processing claims filed between September 14, 2023 and January 31, 2024. In...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Resumes Processing New Claims for Employee Retention Credit

Ogletree, Deakins, Nash, Smoak & Stewart,... on

After lifting the moratorium on processing tax refund claims, the Internal Revenue Service (IRS) has begun processing a large backlog of claims for the employee retention tax credit (ERC), aimed at businesses impacted by...more

Fox Rothschild LLP

IRS Increases Pressure on Businesses That Claimed Employee Retention Tax Credits

Fox Rothschild LLP on

The Internal Revenue Service (IRS) recently issued a news release identifying five new signs that a business’s Employee Retention Tax Credit (ERC) may be incorrect. It has also begun issuing a third round of letters denying...more

Husch Blackwell LLP

PPP Loan Audits Could Affect Millions of Borrowers

Husch Blackwell LLP on

In March 2020 during the height of the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law establishing, among other things, the Payment Protection Program (PPP) administered...more

Womble Bond Dickinson

IRS Continues Aggressive Oversight and Enforcement of Employee Retention Credits

Womble Bond Dickinson on

The Employee Retention Credit (ERC) is a refundable tax credit for businesses whose employees were impacted by the COVID-19 Pandemic. The provisions are set out in § 2301 of the CARES Act and § 3111 of the Internal Revenue...more

Fox Rothschild LLP

Bill Proposes January 31 as Last Day to File Employee Retention Credit Claims

Fox Rothschild LLP on

The House Ways and Means Committee recently advanced a bill that gives businesses a proposed deadline of January 31, 2024 to file Employee Retention Credit (ERC) claims. Known as the Tax Relief for American Families and...more

Fox Rothschild LLP

New IRS Program Lets Businesses Repay Questionable Employee Retention Credits at a Discount

Fox Rothschild LLP on

The Internal Revenue Service has announced a new Voluntary Disclosure Program (VDP) that offers businesses a limited-time opportunity to repay improperly claimed Employee Retention Credits (ERC) at a discount while avoiding...more

Ballard Spahr LLP

FinCEN Issues Alert on COVID-19 Employee Retention Tax Credit Fraud

Ballard Spahr LLP on

On November 22, 2023, the Financial Crimes Enforcement Network (“FinCEN”), in close coordination with the Internal Revenue Service (“IRS”) Criminal Investigation (“CI”), issued an alert (“Alert”) regarding the COVID-19...more

Fox Rothschild LLP

IRS Offers Employers a Chance to Withdraw Inaccurate Employee Retention Credit Claims

Fox Rothschild LLP on

Amid an ongoing federal crackdown on fraud in COVID-19 relief programs, the IRS announced that it will offer certain employers an opportunity to withdraw Employee Retention Credit (ERC) claims if they are concerned about...more

Fox Rothschild LLP

IRS Halts Processing of New Employee Retention Credit Claims, Redoubles Efforts Against Fraud

Fox Rothschild LLP on

Responding to concerns about extensive fraud and scams involving the Employee Retention Credit (ERC), the Internal Revenue Service (IRS) has stopped processing new ERC claims, published updated frequently asked questions...more

Foley & Lardner LLP

Cos. Should Heed IRS Warnings About Employee Tax Credit

Foley & Lardner LLP on

For most businesses, turning the calendar to 2023 meant putting the pandemic and any of its tax-related effects further in the rearview mirror. One notable exception, however, is the employee retention credit, or ERC,...more

Fox Rothschild LLP

IRS Renews Warning on Employee Retention Credit Fraud, DOJ Files First Criminal Charges

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Employers should be careful before claiming the Employee Retention Credit (ERC). Over the past several months, the Internal Revenue Service (IRS) has warned taxpayers twice about third parties who advise employers to claim...more

White & Case LLP

Rishi Rushes to Recoup Furlough Fraud Losses: The Taxpayer Protection Taskforce

White & Case LLP on

A year since the introduction of the Coronavirus Job Retention Scheme, or the 'furlough scheme' as it is more commonly known, the extent of fraud associated with the government assistance programme has started to become...more

Pillsbury Winthrop Shaw Pittman LLP

Bipartisan Breakthrough: Congress Passes and President Trump Signs $900 Billion Stimulus

Pillsbury Winthrop Shaw Pittman LLP on

After months of deadlock, a $900 billion stimulus package promises direct payments, unemployment benefits and small business aid. On December 27, President Trump signed into law a $900 billion COVID relief package and a...more

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