Federal Tax, Tax

Recapturing Inaccurate IRS Pandemic Refunds

Many businesses received financial help from the government during the pandemic, but there was also a lot of fraud. The IRS and U.S. Treasury Dept. have proposed regulations that will allow them to recapture funds that were inaccurately refunded to employers for COVID tax credits. Employers may be affected if they claimed the paid sick leave, paid family leave or employee retention credits associated with COVID legislation. If the regs become final after a comment period, the IRS will be able to recover erroneous refund amounts. The regs will also preserve taxpayers’ ability to contest their tax liabilities and avoid unnecessary legal costs. For more details: https://bit.ly/4bsKIvl. Contact the Cg Team with questions. © 2024