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 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.
The IRS said it received $225 million from a voluntary disclosure program, which ended on March 22, that let small businesses that thought they received the credit in error give back the money and keep 20%. That money came from over 500 taxpayers with another 800 submissions still being processed.
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