IRS Puts ERC on Indefinite Hold

The IRS recently ceased accepting all Employee Retention Credit (ERC) processing. This unprecedented move by the IRS is being whitewashed to “prevent fraud and aggressive promoters of ERC applications”. The ERC allows a refundable credit for businesses that remained open and paid their employees during the pandemic. This crucial credit is a game changer for many businesses, especially since inflation/Bidenomics has ruined our economy. The date is unclear when the IRS will allow new ERC applications. This halt comes into question as to whether or not the IRS actually has the power (legal authority) to stop accepting the ERC applications. Stay tuned to see whether or not the IRS will be forced to allow new applications to be processed.