The number of outstanding Employee Retention Tax Credit (ERTC) claims has reached over 600,000. The Internal Revenue Service (IRS) has decided to pause new ERTC claims, which has been welcomed by the National Association of Professional Employer Organizations (NAPEO).
This move by the IRS is aimed at allowing the agency to concentrate their efforts on processing legitimate claims more efficiently. By focusing on existing ERTC claims, the IRS hopes to mitigate delays and expedite the resolution of the claims.
NAPEO considers this decision by the IRS to be a positive step in the right direction. The organization believes that streamlining the ERTC claim process will benefit both employers and employees who are eligible for the credit.
With the rising number of outstanding ERTC claims, it has become even more crucial for the IRS to efficiently handle and resolve these claims. By doing so, eligible employers can receive the financial assistance they are entitled to, and the IRS can ensure that the program is effectively managed.
This development highlights the ongoing impact of the ERTC program and the importance of its proper administration. It is hoped that by focusing their efforts on existing ERTC claims, the IRS will be able to address the backlog of outstanding claims and deliver assistance to eligible businesses in a timely manner.