IRS introduces special withdrawal process for misclaimed pandemic tax break, small businesses given 'mulligan' opportunity

Rolling the Dice on ERC Claims

The IRS has unveiled a special withdrawal process for small businesses that mistakenly claimed the pandemic era tax break offering them a 'mulligan' to correct their errors and avoid penalties.

A Game Changer for Small Businesses

Eric Hylton of Alliantgroup describes the IRS withdrawal option as a 'game changer' for small businesses entangled in questionable ERC filings urging them to take advantage of this opportunity before facing the consequences.

Tax Professionals to the Rescue

Dean Zerbe and other tax experts recommend that small businesses review their ERC claims with a tax professional to navigate the strict eligibility requirements and avoid potential audits from the IRS.

Sharp Pencils and IRS Backlogs

With an IRS backlog of nearly 849,000 unprocessed ERC filings small businesses are advised to 'sharpen their pencils' and carefully review their claims to ensure compliance with the IRS guidelines.

Addressing Mistakes Head On

Even if small businesses have already received and cashed their ERC refund checks tax experts suggest revisiting the filings with a professional to determine if amendments are needed emphasizing the importance of proactive measures.

Stay Ahead of the Game

To avoid potential pitfalls and audits small businesses are encouraged to address any ERC claim discrepancies promptly and efficiently demonstrating a proactive approach in handling tax related matters.