Repayment plan allows employers to return 80% of credit to escape scrutiny
- IRS offers employers a deal to avoid scrutiny and penalties
- Employers can return 80% of pandemic tax credit to escape scrutiny
- Repayment plan aims to combat fraudulent and ineligible claims
- ERC provides up to $26,000 per worker for employers who retained employees
The Internal Revenue Service is offering a way for employers to avoid scrutiny and possible civil penalties by allowing them to return 80% of the pandemic-relief tax credit. This repayment plan is aimed at combating fraudulent and ineligible claims for the employee retention tax credit (ERC), which provides up to $26,000 per worker for employers who kept people on payrolls during 2020 and 2021.
Public Companies:
Private Companies: undefined
Key People:
Factuality Level: 8
Justification: The article provides information about the Internal Revenue Service offering a repayment plan for employers who received the employee retention tax credit. It mentions the purpose of the tax credit and the amount it provides per worker. The information seems to be based on the agency’s statement.
Noise Level: 7
Justification: The article provides information on a repayment plan for employers who received a pandemic-relief tax credit. However, it lacks in-depth analysis, evidence, and actionable insights. It also does not explore the consequences of the repayment plan on those who bear the risks or hold powerful people accountable.
Financial Relevance: Yes
Financial Markets Impacted: No
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article pertains to financial topics as it discusses the Internal Revenue Service’s repayment plan for employers who received the employee retention tax credit. However, there is no mention of an extreme event or its impact.
www.wsj.com 
