Abraham A. Reshtick

Aug 19, 2024 | lexology.com | Abraham A. Reshtick |Rita Celebrezze D'Souza |DANIEL WEISS

On Aug. 15, 2024, the IRS announced the much-anticipated reopening of a second Voluntary Disclosure Program (the “Second ERC-VDP”) to help businesses address incorrect Employee Retention Credit (“ERC”) claims as the agency continues its compliance work. The Second ERC-VDP will run through Nov. 22 and allows businesses a chance to correct improper payments at a 15% discount and avoid future audits, penalties and interest.

Jun 28, 2024 | jdsupra.com | Rita Celebrezze D'Souza |Abraham A. Reshtick |DANIEL WEISS

On June 20, following a long and detailed review process, the IRS announced its plan to deny tens of thousands of highest-risk Employee Retention Credit (ERC) claims while resuming the processing of only the lowest-risk ERC claims. The perceived large-scale fraud involved in ERC claims created major challenges to both the government and taxpayers.

Jun 27, 2024 | lexology.com | Abraham A. Reshtick |Rita Celebrezze D'Souza |DANIEL WEISS

On June 20, following a long and detailed review process, the IRS announced its plan to deny tens of thousands of highest-risk Employee Retention Credit (ERC) claims while resuming the processing of only the lowest-risk ERC claims. The perceived large-scale fraud involved in ERC claims created major challenges to both the government and taxpayers.

Jan 11, 2024 | jdsupra.com | Rita Celebrezze D'Souza |Abraham A. Reshtick |DANIEL WEISS

On Dec. 21, 2023, the IRS announced the Employee Retention Credit Voluntary Disclosure Program (ERC-VDP), which helps eligible taxpayers pay back the money they had received for erroneously filed Employee Retention Credit (ERC) claims. This recently announced program is the latest step taken by the IRS in addressing the perceived large-scale fraud involved in ERC claims filed by taxpayers with the help of promoters that collected sizable commissions.

Nov 20, 2023 | mondaq.com | Abraham A. Reshtick |Rita Celebrezze D'Souza |DANIEL WEISS

The IRS continues to focus on combating perceived fraudulent claims relating to the COVID-19 pandemic-era Employee Retention Credits (ERCs). On Oct. 19, the IRS announced a special process allowing taxpayers to withdraw certain previously filed ERC claims. That announcement follows enhanced IRS scrutiny of potentially fraudulent ERC claims that resulted in the IRS suspending processing new ERC claims at least through the end of 2023.