1. Home
  2. |Insights
  3. |IRS Announces Process to Withdraw Employee Retention Credit Claims

IRS Announces Process to Withdraw Employee Retention Credit Claims

Client Alert | 1 min read | 10.24.23

This week, the IRS announced a new withdrawal process to allow certain employers who filed an Employee Retention Credit (ERC) claim, but have not yet received a refund, to withdraw their submission. As discussed in our previous alert, the IRS recently announced a pause in processing new ERC claims, at least through the end of 2023, due to concerns that many recently filed claims are invalid.

Taxpayers considering withdrawing their ERC claims should know the following about the IRS’s new process:

  • Taxpayers who take advantage of this process and withdraw their submission can avoid future repayment, interest, and penalties.
  • Taxpayers may withdraw their ERC claims by utilizing a special fax line established by the IRS.
  • Taxpayers notified of an audit may still participate in this program by sending a withdrawal request to their assigned examiner or responding to the audit notice if no examiner has been assigned.
  • Taxpayers who willfully filed a fraudulent claim, or those who assisted or conspired in such conduct, are not exempted from potential criminal investigation and prosecution.

We are closely watching these developments and are available to discuss ERC claims or the withdrawal program in more detail.

Insights

Client Alert | 2 min read | 11.14.24

SEC ESG Enforcement Is Still Alive

On November 8, 2024 the SEC announced a settled enforcement action against Invesco Advisers, Inc. for making misleading statements about its integration of environmental, social, and governance (ESG) factors into the firm’s investment decisions. Invesco agreed to pay a $17.5 million civil penalty to settle the matter. This enforcement action makes it clear that, even though the SEC dissolved its ESG Task Force, the Commission continues to monitor firms’ statements and representations for misleading statements about ESG....