The IRS is making progress in recovering money distributed improperly under the Employee Retention Credit (ERC). The ERC was intended to help businesses retain employees during pandemic shutdowns but became a target for fraud. The IRS received $225 million from a voluntary disclosure program, with over 500 taxpayers participating. Another program allowed 1,800 businesses to withdraw unprocessed claims worth $251 million.
Additionally, the IRS has conducted audits on over 12,000 businesses, resulting in $572 million in assessments
Source: Loan Digest (loandigest.net)
IRS Employee Retention Credit Fraud Small Businesses Audits
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