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Around 400,000 claims worth $10 billion are being processed for eligible business owners who applied for tax refunds under the Covid-era Employee Retention Credit (ERC) program, the IRS said Thursday. He also highlighted recently announced tax relief for those in affected regions, including filing and payment extensions for individuals and businesses. For taxpayers with fully processed ERC claims whose mail routes have been disrupted, the U.S. The tax program allows businesses to claim up to $26,000 per employee on its payroll. “It’s past time to eliminate this fraud-ridden pandemic-era policy so we can concentrate on getting our fiscal house in order.”The tax program was originally projected to cost the government $55 billion.

Persons: Hurricane Helene, Hurricane Milton, Mike Martinez, ” Martinez, Maia Toll, Andrew Celwyn, Emily Nichols, —, Helene, Toll, Helene lobbed, they’re, ”, Sen, Thom Tillis, Tillis, “ Organizations: NBC News, ERC, IRS, U.S . Postal Service, Small Business Administration, Asheville, Intuit, SBA Locations: Hurricane, Asheville , North Carolina, Asheville, N.C, North Carolina, Philadelphia

☆ IRS watchdog pushes for transparency on pandemic-era small business tax credit backlog
▼ + stars: | 2024-06-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Erin Collins, national taxpayer advocate at the Taxpayer Advocate Service, speaks at a Senate Appropriations subcommittee hearing in Washington, D.C., on May 19, 2021. Many taxpayers are experiencing "long delays and uncertainty" amid a backlog of roughly 1.4 million pandemic-era small business tax credit claims, according to the National Taxpayer Advocate. "It’s time for the IRS to be transparent on how and when it plans to move forward addressing these ERC claims," she wrote. Some 85% of pending ERC claims are more than 120 days old. "The IRS is between the proverbial rock and a hard place when it comes to ERC claims," Collins said in a statement.

Persons: Erin Collins, Collins Organizations: Taxpayer Advocate Service, Washington , D.C, National Taxpayer, ERC, IRS, Finance Locations: Washington ,, U.S

☆ IRS to reject billions of dollars in ‘improper’ pandemic-era small business tax credit claims
▼ + stars: | 2024-06-21 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Danny Werfel, IRS commissioner, speaks after being ceremonially sworn in at the IRS headquarters in Washington on April 4, 2023. The IRS will deny billions of dollars' worth of claims for a pandemic-era tax break while working to process lower-risk filings, the agency said on Thursday afternoon. Enacted to support small businesses during the Covid-19 pandemic, the employee retention credit, or ERC, is worth thousands of dollars per eligible employee. However, the agency stopped processing new filings in September amid a surge of "questionable claims," the IRS said in a news release. Overall, compliance efforts for erroneous ERC claims have topped more than $2 billion since last fall, the IRS said.

Persons: Danny Werfel, Xers, Werfel Organizations: IRS, ERC, Finance, Social Security Locations: Washington

☆ The far-right is set to make huge gains in European election. It could define the next five years of European politics
▼ + stars: | 2024-05-31 | by ( Luke Mcgee | ) edition.cnn.com time to read: +8 min

EU politics has always relied on awkward alliances between countries and political ideologies that represent vastly different electorates. Francois Greuez/SIPA/APThe European Parliament is the place where this is most visible at an EU level. Most of the lawmakers (known as MEPs) belong to a political party in their own country. ECR and ID are typical of European Parliament parties in that they are home to a pretty broad group of conservatives. The European Parliament can often seem like looks like a boring, bureaucratic blob, tediously grinding its way through process.

Persons: Francois Greuez, Angela Merkel, Christoph Reichwein, David Cameron, Georgia Meloni, Viktor Orban, Orban, Ursula von der Leyen, Giorgia Meloni, Hungary's Viktor Orban, –, Geert Wilders Organizations: CNN, European Union, National Rally, European, European People’s Party, EPP, European Conservatives, Politico, British, Brexit, Georgia, Ukraine, Russia EU, EU, SS, Nazi, Dursun, ERC, European Commission, Kremlin Locations: United States, South Africa, Mexico, Taiwan, Ukraine, China, EU, France, Belgian, Brussels, Hungary, Russia, Italian, Anadolu, United Kingdom, Germany, Europe, Netherlands, Europe’s

☆ Catalonia: Spain’s socialists hail ‘new era’ as Catalan separatist support dims in elections
▼ + stars: | 2024-05-13 | by ( Story Reuters | ) edition.cnn.com time to read: +3 min

Barcelona, Spain — Spain’s Socialists won the biggest share of the vote in Sunday’s Catalan elections, dealing a serious blow to more than a decade of separatist governance and the independence dreams still nursed by some in the wealthy northeastern region. Spain’s largest opposition party, the conservative People’s Party, also had a good night, seeing the biggest increase since the last vote in 2021 from three seats to 15 on Sunday. Socialist candidate Salvador Illa makes a toast with members of his team and party colleagues after the announcement of the results of the elections. Emilio Morenatti/APSpeaking as the voting count concluded, Illa hailed a “new era” for the region. Illa’s Socialists will also need to forge an agreement - most likely with the ERC - but separatist parties until now have rejected any suggestion of helping the national ruling party govern in Catalonia.

Persons: Spain —, Salvador Illa, Junts, Esquerra, Pedro Sanchez’s, Emilio Morenatti, Illa, Pere Aragones, Carles Puigdemont, Joan Esculies, ” Organizations: Spain — Spain’s Socialists, Socialists, People’s Party, Socialist, restive, ERC, CUP, Illa’s Socialists, AC Locations: Barcelona, Spain, Sunday’s, Catalonia, restive Catalonia, Junts

☆ Ancient text reveals details of Plato’s burial place and final evening, experts say
▼ + stars: | 2024-04-30 | by ( Barbie Latza Nadeau | ) edition.cnn.com time to read: +3 min

It was previously only known that he was buried in the academy, but not specifically where, Ranocchia told CNN Tuesday. A statue of ancient Greek philosopher Plato in Athens, Greece. Brigida Soriano/AlamyThe text also provides more detail about Plato’s final night – and he wasn’t a fan of the music that was played. The project, called the Greek Schools project, is a five-year study using various technologies and methods to help decipher the fragile papyri. “The new readings often draw on new and concrete facts about Plato’s Academy, Hellenistic literature, Philodemus of Gadara and ancient history in general.”

Persons: Plato, Graziano Ranocchia, Ranocchia, Roman general Sulla, Brigida Soriano, ”, ” Ranocchia, Socrates, Julius Caesar, Lorenzo Di Cola, ” Kilian Fleischer Organizations: CNN, Platonic Academy of Athens, of Philology, University of Pisa, Platonic, Spartans, University of Naples, European Union, ERC – European Research Council, Greek Schools, Plato’s Academy Locations: Vesuvius, Athens, Greece, Thrace, Naples, Mesopotamia, Aegina, Sicily, Herculaneum, Italy

NEW YORK (AP) — The IRS says it's making progress with initiatives to claw back money improperly distributed under the Employee Retention Credit. The ERC was designed to help businesses retain employees during pandemic-era shutdowns, but it quickly became a magnet for fraud. Its complex eligibility rules allowed scammers to target small businesses, offering help applying for the ERC for a fee — even if they didn't qualify. An ongoing program that lets small businesses withdraw unprocessed claims has led to 1,800 businesses withdrawing $251 million worth of claims. “We remain deeply concerned about widespread abuse involving these claims that have harmed small businesses,” said IRS Commissioner Danny Werfel.

Persons: “, ”, Danny Werfel Organizations: IRS, ERC

As Tax Day approaches, there are plenty of things small business owners should keep in mind when filing taxes this year. Since business tax filing is complex, most experts recommend small business owners work with a professional tax adviser rather than trying to file on their own or even with tax-filing software. Here are things small business owners should consider as the April 15 deadline looms. There’s also a tax credit based on employer contribution, up to $1,000 annually per employee, over the plan’s first five years. Designed to help small businesses keep employees during pandemic-era shutdowns, the generous credit let businesses file amended tax returns to claim the credit.

Persons: ”, Amber Kellogg, “, it’s, Mitch Gerstein, Gerstein, There’s, Scott Orn, Orn, ” Orn, Danny Castro, Occams Organizations: Occams Advisory, Isdaner, Congress, Kruze Consulting, BDO USA, BBO, ERC, IRS Locations: Florida

☆ The IRS Froze a Big Tax Credit. It Didn’t Stop All the Money From Flowing.
▼ + stars: | 2023-12-04 | by ( Ruth Simon | ) www.wsj.com time to read: 1 min

The IRS has put a freeze on ERC refunds but that hasn’t stopped financing firms looking to capitalize on the popular pandemic-era tax break. Credit funds, small business lenders and ERC processing firms are all offering bridge loans and cash advances to small businesses waiting for their refunds. Such financing has gotten a boost after the IRS put a moratorium on the ERC program in September.

Persons: hasn’t Organizations: IRS, ERC

☆ Sanchez wins Spanish parliament's backing for new term as PM
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

His Spanish Socialist Workers' Party (PSOE) had reached separate deals with a number of regional parties to earn their backing, including a contentious bill on amnesty for Catalan separatists that has sparked protests across Spain. Sanchez's bid garnered 179 votes in favour and 171 against, with no abstentions. The "nays" stemmed from the conservative People's Party, the far-right Vox and the People's Union of Navarre's lone lawmaker. PSOE's hard-left ally Sumar, Catalan pro-independence parties Junts and ERC, Basque parties PNV and EH Bildu, Galicia's BNG and the Canary Coalition all voted for Sanchez, who first acceded to the office in 2018. Reporting by Belén Carreño, Inti Landauro and Emma Pinedo; Writing by David Latona; Editing by Andrei KhalipOur Standards: The Thomson Reuters Trust Principles.

Persons: Pedro Sanchez, amnesties, Catalonia's, Sanchez's, Vox, Navarre's, PSOE's, Sumar, Galicia's BNG, Sanchez, Belén Carreño, Inti Landauro, Emma Pinedo, David Latona, Andrei Khalip Organizations: Spain's, Spanish Socialist Workers ' Party, PSOE, People's Party, People's Union, Junts, ERC, Canary Coalition, Thomson Locations: MADRID, Spain, Catalan, Basque

Sanchez's confirmation as premier would end four months of uncertainty since an election in July produced no outright winner. Authorities said 15 people were arrested in a 2,000-person protest on Wednesday night outside the Socialist Party headquarters in Madrid following clashes with police. Feijoo, who accused Sanchez of undermining the rule of law on Wednesday called for mass protests on Saturday Nov 18. Sanchez argued on Wednesday that an amnesty would help to defuse tensions in Catalonia. Reporting by Belen Carreño and Emma Pinedo; Writing by Charlie Devereux; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Pedro Sanchez applauds, amnesties, Catalonia's, Sanchez, Pedro Sanchez, Alberto Nunez Feijoo, Jorge Pueyo, Sumar, Patxi Lopez, Feijoo, Miriam Nogueras, Nogueras, Belen Carreño, Emma Pinedo, Charlie Devereux, Sharon Singleton Organizations: Spain's, Socialist, People's Party, Sanchez's Socialist Party, PSOE, ERC, Socialists, Authorities, Socialist Party, Thomson Locations: MADRID, Spain, Catalonia, Basque Country, Galicia, Madrid, Socialist

☆ Sanchez Wins Spanish Parliament's Backing for New Term as PM
▼ + stars: | 2023-11-16 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

MADRID (Reuters) - Spain's lower house of parliament on Thursday voted to make Pedro Sanchez prime minister for another term by a wafer-thin margin, ending a protracted deadlock after an inconclusive general election in July. His Spanish Socialist Workers' Party (PSOE) had reached separate deals with a number of regional parties to earn their backing, including a contentious bill on amnesty for Catalan separatists that has sparked protests across Spain. The "nays" stemmed from the conservative People's Party, the far-right Vox and the People's Union of Navarre's lone lawmaker. PSOE's hard-left ally Sumar, Catalan pro-independence parties Junts and ERC, Basque parties PNV and EH Bildu, Galicia's BNG and the Canary Coalition all voted for Sanchez, who first acceded to the office in 2018. (Reporting by Belén Carreño, Inti Landauro and Emma Pinedo; Writing by David Latona; Editing by Andrei Khalip)

Persons: Pedro Sanchez, Sanchez's, Vox, Navarre's, PSOE's, Sumar, Galicia's BNG, Sanchez, Belén Carreño, Inti Landauro, Emma Pinedo, David Latona, Andrei Khalip Organizations: Spanish Socialist Workers ' Party, PSOE, People's Party, People's Union, Junts, ERC, Canary Coalition Locations: MADRID, Spain, Catalan, Basque

☆ Madrid streets barricaded ahead of tense Spanish investiture debate
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +4 min

The amnesty deal with Catalan separatists has prompted a wave of protests across Spain. Authorities said 80,000 people gathered in Madrid on Sunday, while tens of thousands also attended demonstrations in Granada and Seville. Thousands have congregated each night for nearly a fortnight outside the Socialist Party (POSE) headquarters in Madrid. "We are Spaniards worried about Spain," said one young protester draped in a Spanish flag. The Supreme Court on Wednesday rejected an injunction by the far-right party Vox to suspend the investiture vote.

Persons: Sanchez, Pedro Sanchez's, Junts, Vox, Adolf Hitler, Esteban Gonzalez Pons, Alberto Nunez Feijoo, Belen Carreno, Miguel Gutierrez, Charlie Devereux, Aislinn Laing, Emelia Organizations: Spain's, Amnesty, Spain MADRID, Police, ERC, Sanchez’s Socialists, People's Party, Authorities, Sunday, Socialist Party, Eastern, European, Sanchez's Socialist Party, PSOE, Junts, Thomson Locations: Spain, Spain's, Madrid, Catalan, Granada, Seville, Spanish, Hungary, Romania

☆ Spain's Sanchez to Seek New Term as PM in Lower House on Nov. 16
▼ + stars: | 2023-11-13 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

MADRID (Reuters) - Spain's acting Prime Minister Pedro Sanchez will seek to clinch a new term in a parliamentary vote on Thursday, the lower house speaker Francina Armengol said on Monday. The vote will follow a parliamentary debate scheduled to start at noon local time (1100 GMT) on Wednesday, she told reporters. Sanchez looks assured of winning a new term with an absolute majority of the 350-member assembly. The prospect of the amnesty has brought thousands of opponents to the streets over the past week. After an inconclusive election on July 23, Sanchez's Socialist Party spent weeks negotiating with smaller parties, most of which had supported him in 2020 for his previous term.

Persons: Pedro Sanchez, Francina Armengol, Sanchez, UPN's, Inti Landauro, David Latona, Andrew Cawthorne Organizations: Junts, ERC, Sanchez's Socialist Party, Bildu, Canary Coalition Locations: MADRID, Catalan, Spain, Basque, Navarre

☆ Spain's Sanchez to seek new term as PM in lower house on Nov. 16
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Susana Vera/File photo Acquire Licensing RightsMADRID, Nov 13 (Reuters) - Spain's acting Prime Minister Pedro Sanchez will seek to clinch a new term in a parliamentary vote on Thursday, the lower house speaker Francina Armengol said on Monday. The vote will follow a parliamentary debate scheduled to start at noon local time (1100 GMT) on Wednesday, she told reporters. Sanchez looks assured of winning a new term with an absolute majority of the 350-member assembly. After an inconclusive election on July 23, Sanchez's Socialist Party spent weeks negotiating with smaller parties, most of which had supported him in 2020 for his previous term. Reporting by Inti Landauro; Editing by David Latona and Andrew CawthorneOur Standards: The Thomson Reuters Trust Principles.

Persons: Pedro Sanchez, Andoni Ortuzar, Susana Vera, Francina Armengol, Sanchez, UPN's, Inti Landauro, David Latona, Andrew Cawthorne Organizations: Basque Nationalist Party, REUTERS, Rights, Junts, ERC, Sanchez's Socialist Party, Bildu, Canary Coalition, Thomson Locations: Madrid, Spain, Rights MADRID, Catalan, Basque, Navarre

☆ IRS Warns Employers About This One Tactic to Claim Pandemic Tax Credit
▼ + stars: | 2023-11-09 | by ( Richard Rubin | Ruth Simon | ) www.wsj.com time to read: 1 min

An IRS memo is the latest sign of the agency’s tough line in audits of the employee retention credit, or ERC. Photo: stefani reynolds/Agence France-Presse/Getty ImagesA lot of federal money is riding on what counts as a government order, and the Internal Revenue Service and tax firms are preparing for legal fights about that crucial definition. Employers can claim a pandemic-era tax credit worth up to $26,000 per worker if a government order fully or partially suspended their operations. Some employers and tax advisers say they can rely on Occupational Safety and Health Administration guidelines encouraging ventilation, physical distancing and other measures.

Persons: stefani reynolds Organizations: ERC, Agence France, Internal Revenue Service, Safety, Health

☆ Spain's Socialists win backing of Catalan separatist ERC, still waiting on Junts
▼ + stars: | 2023-11-02 | by ( ) www.reuters.com time to read: +2 min

BARCELONA, Nov 2 (Reuters) - Catalan separatist party Esquerra Republicana de Catalunya (ERC) reached a deal with Spain's Socialists (PSOE) to support acting Prime Minister Pedro Sanchez's bid for a second term, both parties said on Thursday. However, the crucial backing of rival party Junts remains pending amid last-minute negotiations. Seeking the support of the Catalan parties, Sanchez said on Saturday he favoured granting an amnesty to people involved with Catalonia's failed 2017 independence bid. The agreement with ERC included "an amnesty for all", the Catalan party's chairman Oriol Junqueras told reporters, without elaborating. Junts held a meeting in Brussels to decide whether to back Sanchez's investiture, but it ended without an agreement with the PSOE, said a Junts source.

Persons: Esquerra, Pedro Sanchez's, Junts, Sanchez, Catalonia's, Oriol Junqueras, Pere Aragones, Felix Bolanos, Bolanos, Junqueras, Emma Pinedo, Belen Carreno, Charlie Devereux, Joan Faus, Gareth Jones Organizations: ERC, Spain's Socialists, PSOE, Thomson Locations: BARCELONA, Catalan, Basque, Spain, Brussels

☆ Spain's acting PM Sanchez backs Catalan amnesty deal in bid to form government
▼ + stars: | 2023-10-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/ Albert Gea/File photo Acquire Licensing RightsMADRID, Oct 28 (Reuters) - Spain's acting Prime Minister Pedro Sanchez on Saturday said he supported granting a controversial amnesty to those involved in Catalonia's failed 2017 independence bid, in the hope of persuading the region's parties to back him in government. He needs the backing of Catalan separatist parties, Esquerra Republicana de Catalunya ERC and Junts, who have demanded an amnesty law that could potentially cover more than 1,400 people involved in the failed independence bid. "To continue moving forward, we must overcome all the episodes that in the past divided us and fractured our societies," Sanchez said. He said his party "looks at the problems head on", adding 80% of Catalans supported an agreement on the issue. A poll in September showed 70% of respondents - 59% of them socialist supporters - were against an amnesty.

Persons: Oriol Junqueras, Passeig de Gracia, Albert Gea, Pedro Sanchez, Catalonia's, Sanchez, Esquerra, Jessica Jones, Mike Harrison Organizations: Passeig, REUTERS, Rights, Socialist Party's Federal, Catalunya ERC, Junts, Catalans, Thomson Locations: Barcelona, Spain, Rights MADRID, Catalonia, Madrid, Catalan

The Employee Retention Credit was intended to be a financial lifeline to small businesses struggling to make ends meet during the pandemic. Innovation Refunds — a consulting firm that focuses on the ERC — was one of the most visible advertisers during the tax credit's heyday. How Innovation Refunds worksOn its website, Innovation Refunds makes it clear it is not a tax professional. Innovation Refunds markets to clients, determines if they are viable candidates for the credit and then collects businesses' documentation. Some former employees said this could insulate Innovation Refunds from potential liability if ineligible businesses claimed the credit.

Persons: Danny Werfel, Andrew Kelly, Howard Makler, Ty Burrell, Burrell, Rob Domenico, Werfel, Tom Williams, Makler, Kate Rogers, Domenico, Slack, Jenn McCabe, Armanino Organizations: Companies, ERC, Internal Revenue Service, IRS, ERC —, CNBC, Reuters, CPA, Senate, Washington , D.C, CQ, Inc, Getty, LinkedIn, Justice Locations: New York, Washington ,, Des Moines

☆ What to know as IRS kicks off withdrawal option for pandemic-era small business tax credit
▼ + stars: | 2023-10-23 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The Good Brigade | Digitalvision | Getty ImagesThe IRS has announced a special withdrawal process for small businesses that wrongly claimed a pandemic-era tax break — and experts have tips for those who may be affected. Worth thousands per eligible employee, the ERC attracted a cottage industry of companies pressuring small businesses to amend payroll tax returns and wrongly claim the credit. The IRS on Thursday unveiled a withdrawal option for small businesses with pending ERC claims before facing repayment, interest and penalties. "This is a game-changer," said Eric Hylton, national director of compliance for Alliantgroup, a firm that has been reviewing ERC claims for other tax professionals. As of Oct. 11, the agency estimated a backlog of 849,000 Forms 941-X, which includes ERC claims.

Persons: Eric Hylton, I'm, Hylton, you've, there's, It's, Dean Zerbe, Zerbe Organizations: Brigade, IRS, ERC, Alliantgroup Locations: Worth, It's

☆ Regret Claiming That Pandemic Employer Tax Credit? IRS Now Lets You Take It Back
▼ + stars: | 2023-10-19 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

The IRS move is part of the agency’s attempt to combat fraud and abuse in the tax credit, known as the ERC. Photo: Ting Shen for the Wall Street JournalWASHINGTON—The Internal Revenue Service opened an escape hatch from one of its major tax-enforcement campaigns, giving employers the ability to withdraw pending claims for a pandemic-era tax credit that has become a headache for the agency. Employers who haven’t received their refunds or cashed their checks for the employee-retention credit can now withdraw their claims without penalties or interest, even if they are already under audit. If the IRS accepts their withdrawal, it would effectively end an audit.

Persons: Ting Shen, haven’t Organizations: IRS, ERC, Wall Street Journal WASHINGTON, Internal Revenue Service, Employers

☆ IRS unveils 'special withdrawal process' for small businesses that claimed pandemic-era tax credit
▼ + stars: | 2023-10-19 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The IRS on Thursday announced a "special withdrawal process" for small businesses that may have wrongly claimed the so-called employee retention tax credit, or ERC. Enacted to support small businesses during the pandemic, the ERC, worth thousands per eligible employee, has been a magnet for fraudulent or "questionable claims," according to the IRS. Many small businesses were misled by ERC promoters, prompting the agency to temporarily stop processing for new claims in September. Small businesses can use the ERC claim withdrawal process if they meet the following criteria:They claimed the ERC on an adjusted employment return (Forms 941-X, 943-X, 944-X, CT-1X). Small businesses can learn more about the ERC withdrawal process by visiting IRS.gov/withdrawmyERC.

Persons: Daniel Werfel, Danny Werfel, Here's, Werfel, haven't, IRS.gov Organizations: Revenue, Senate, IRS, ERC, Finance

☆ Supreme Court tax case could have sweeping federal policy effects, experts say
▼ + stars: | 2023-10-05 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

As the Supreme Court starts a new term, experts are closely watching a case that could have sweeping effects on the U.S. tax code, including corporate revenue and future wealth tax proposals. The plaintiffs are fighting taxes on earnings that weren't distributed to them by arguing about the definition of income, which could have broader implications, according to policy experts. Designed as a transition tax, the legislation required a one-time levy on earnings and profits accumulated in foreign entities after 1986. While the 16th Amendment outlines the legal definition of income, the Moore case questions whether individuals must "realize" or receive profits before incurring taxes. It's an issue that has been raised during past federal billionaire tax debates and could affect future proposals.

Persons: Moore, Matt Gardner Organizations: Taxation, Economic, Finance, Republicans, ERC, Biden Locations: United States, Washington, KisanKraft, India

☆ House Republicans push IRS for answers on processing pause for small business tax credit
▼ + stars: | 2023-10-04 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Rep. Jason Smith, R-Mo., speaks during a House Oversight and Accountability Committee impeachment inquiry hearing on Sept. 28, 2023. Jonathan Ernst | ReutersHouse Republicans are pressing the IRS for answers after the agency paused processing new claims for a pandemic-era small business tax break. Lawmakers voiced "continued concerns" about the employee retention credit, or ERC, which was enacted to support small businesses during the Covid-19 pandemic. The backlog of unprocessed ERC claimsAs of Sept. 27, the total inventory of unprocessed Forms 941-X, used to amend an employer's quarterly federal tax returns, was roughly 779,000, according to the IRS. However, the ERC claim backlog may be significantly higher due to professional employer organizations, or PEOs, which provide payroll benefits and other HR services.

Persons: Jason Smith, Jonathan Ernst, David Schweikert, Pat Cleary Organizations: Reuters, Republicans, ERC, IRS, National Association of Professional Locations: Worth

[1/3] Spain's King Felipe shakes hands with Spain's acting Prime Minister Pedro Sanchez before their meeting at Zarzuela Palace in Madrid, Spain, October 3, 2023. Juanjo Guillen/Pool via REUTERS Acquire Licensing RightsMADRID, Oct 3 (Reuters) - Spain's acting Prime Minister predicted "complex talks" with other political parties to form a government on Tuesday, after he was nominated to seek their backing for a new mandate. Sanchez was invited by Spain's King Felipe VI to try to form a governing majority after Feijoo last week failed in his bid to become prime minister. Asked about a referendum, Sanchez said Catalans were looking to "turn the page" and to find a "reunion" with Spanish society. House Speaker Francina Armengol said earlier that Sanchez had yet to share his proposed schedule for the investiture vote.

Persons: King Felipe, Spain's, Pedro Sanchez, Juanjo Guillen, Sanchez, Alberto Nunez Feijoo, Spain's King Felipe VI, Feijoo, Junts, Pablo Simon, Carlos, Carles Puigdemont, Mr Sanchez, Mr Puigdemont, Yolanda Diaz, Francina Armengol, David Latona, Belen Carreno Emma Pinedo, Inti, Charlie Devereux, Andrei Khalip, Nick Macfie, Alexander Smith Organizations: REUTERS Acquire, Rights, Socialists, ERC, Catalans, Carlos III, Labour, Thomson Locations: Madrid, Spain, Rights MADRID, Basque, Catalan

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