ARTICLE · 24 SEPTEMBER 2024

ERC Claim Processing Restart Is A Boon For Cash-Poor Businesses

Howard & Howard Attorneys

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The IRS's long-awaited recommencement of employee retention credit claim processing is welcome news to qualifying small businesses across the US that have been waiting for the agency to process their properly.

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The IRS's long-awaited recommencement of employee retention credit claim processing is welcome news to qualifying small businesses across the US that have been waiting for the agency to process their properly prepared outstanding claims and issue refund checks.

Nevertheless, there remains a considerable backlog of ERC claims, with the National Taxpayer Advocate estimating 1.4 million unprocessed claims as of June 26 in its midyear report to Congress.

The IRS announced Aug. 8 that businesses with ERC claims filed between Sept. 14, 2023, and Jan. 31, 2024, would begin seeing payments or denials. The agency offered insight into its short-term priorities, with plans to issue payments this month for 50,000 claims identified as low-risk, along with another large block of low-risk claims later this year.

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