UpTrajectory Review

The IRS has introduced a new procedure aimed at assisting taxpayers who are contesting disallowed Employee Retention Credit (ERC) claims. This initiative allows them to request additional time to preserve their rights to a refund or judicial review, which is crucial given the complexities surrounding ERC claims.

For small business owners, this development is significant as it provides a lifeline for those who may have faced challenges in securing their ERC claims. The extended timeframe can be a game-changer, allowing businesses to gather necessary documentation and potentially overturn disallowed claims. However, operators should remain vigilant about the deadlines and ensure they understand the process to avoid missing out on potential refunds.

“to request more time before their rights to a refund or to seek judicial review are gone.” — CPA Practice Advisor

Takeaway: Small business owners should take advantage of the IRS's new process to contest disallowed ERC claims and secure potential refunds.