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Update as of June 25, 2024
The IRS announced on Friday, June 20th that it will begin a new round of processing of eligible, low risk ERC claims that were submitted prior to the start of the moratorium. The IRS indicated that it will begin judiciously processing more of these claims. They anticipate some of the first payments to go out later this summer.
Update as of June 18, 2024
As of March 2024, the IRS estimated that it still has over 1 million unprocessed ERC claims to review. Although the IRS anticipated resuming processing sometime in late spring, during a May 7 hearing before the House Appropriations subcommittee, the IRS Commissioner could not commit to an official date as to when the processing of new claims might start again.
During an April 16 hearing before the Senate Finance Committee, the IRS Commissioner confirmed that ERC claims submitted prior to the September moratorium are being processed, but much slower than before the IRS’s approach changed last summer and fall. The Commissioner told the committee that the IRS’s progress “is hampered by the fact that amended returns from ERC applicants come in on paper and require time-intensive manual processing.”
As the IRS continues to process ERC claims submitted prior to the moratorium, Innovation Refunds will continue to monitor the situation. Feel free to contact us at https://www.innovationrefunds.com/contact.
