House Republicans Demand Answers on Delayed Small Business Tax Credit Claims Processing

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Written By Jennifer Joslyn

🧑🏽‍⚖️ House Republicans Demand Answers on Delayed Small Business Tax Credit Claims Processing.

House Republicans are pressing the IRS for answers regarding the delay in processing new claims for the pandemic-era small business tax credit known as the employee retention credit (ERC). Lawmakers are concerned about the backlog of unprocessed ERC claims, particularly those filed incorrectly due to bad advice from specialist firms. They have requested updates on the backlog, improvements in processing times, and enhanced measures to identify fraudulent claims. As of September 27, around 779,000 Forms 941-X used to amend quarterly federal tax returns remained unprocessed, but the actual ERC claim backlog may be higher, especially considering professional employer organizations (PEOs) representing multiple small businesses.

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