If you’ve been waiting for your Employee Retention Credit (ERC) payment, there’s some big news coming from the IRS. The agency has made a major push to process $10 billion in delayed ERC payments. Let’s break it down and see what this means for you.
The Latest on ERC Payments: $10 Billion in Relief
Over the past few years, the Employee Retention Credit (ERC) has been a lifeline for many businesses, helping them keep their employees on payroll during tough times. But the process to receive ERC payments hasn’t always been smooth. The IRS has been swamped with fraudulent claims, forcing processing delays that have left many business owners desperately waiting for financial relief.
However, the IRS is now speeding things up. With about 400,000 claims in the system, they’ve committed to processing $10 billion worth of eligible claims as quickly as possible. The agency has vowed to prioritize these claims, focusing especially on businesses that were recently affected by hurricanes or other disasters.
Navigating the IRS’s New “Specialty Group”
The IRS isn’t just processing claims faster—they’re also taking extra steps to make sure things go smoothly moving forward. The IRS has set up a new, dedicated group of employees trained to handle ERC claims more efficiently. This means you can expect better communication and quicker responses.
That said, the IRS has also warned that processing times may still vary depending on the complexity of your claim and other factors. While this isn’t exactly music to a business owner’s ears, it’s a reminder to stay patient and vigilant. The good news is that the IRS is making it clear they’re committed to getting these payments out.
What’s Next?
If you’ve already filed your ERC claim, keep a close eye on its status. For businesses that haven’t yet filed a claim but think they might be eligible, the window for making the most of the ERC is narrowing. With $10 billion on the line, this could be your opportunity to get the support your business needs. If you’re unsure about your eligibility or need help navigating the process, Boris Benic and Associates can help. My team is here to help you make sense of it all. Whether you’re dealing with ERC claims, tax planning, or general accounting needs, we offer the support you need to secure the financial support your business deserves.