Personal Finance

IRS Warns of Looming Deadline to Disclose Wrongly Received Tax Credits or Face Penalties

The IRS has issued an alert to taxpayers who erroneously claimed a pandemic-era tax credit and face a fast-approaching deadline to take steps to avoid penalties
IRS Warns of Looming Deadline to Disclose Wrongly Received Tax Credits or Face Penalties
The IRS building in Washington on Jan. 4, 2024. Madalina Vasiliu/The Epoch Times
Tom Ozimek
Tom Ozimek
Reporter
|Updated:
0:00

The IRS is urging businesses to promptly review their eligibility for a pandemic-era tax credit and take action before a March 22 deadline or face potential penalties.

The tax agency on Jan. 25 renewed calls for employers to assess their qualifications for the Employee Retention Credit (ERC), a refundable tax credit designed for businesses that continued paying employees during COVID-19 shutdowns.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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