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A. Kay Honey, CPA, 675 Emory Valley Road, Suite A2, Oak Ridge, TN (2026)

03/06/2025

Major IRS Workforce Cuts: What It Means for Taxpayers and Businesses

Many layoffs so far have been in the Small Business/Self-Employed Division, but the Large Business & International Division has also been affected.

06/25/2024

The IRS will resume processing older claims for the Employee Retention Credit (ERC) this summer, focusing on low-risk claims while maintaining a moratorium on new claims due to widespread fraud concerns. The IRS identified a significant portion of claims as improper, with 10-20% considered high-risk and an additional 60-70% showing risk indicators. The agency aims to help legitimate claimants by first addressing the oldest low-risk claims, while improper claims will be denied. Taxpayers are advised to remain patient and not contact the IRS, as additional information will be provided on their website.

The IRS is also seeking legislative support to close down the ERC program and extend the statute of limitations to handle improper claims more effectively. Criminal investigations and compliance efforts have already identified and addressed numerous fraudulent claims, with more actions planned. The IRS emphasizes the importance of consulting legitimate tax professionals to avoid erroneous claims.

IR-2024-169, June 20, 2024 — Following a detailed review to protect taxpayers and small businesses, the Internal Revenue Service today announced plans to deny tens of thousands of improper high-risk Employee Retention Credit claims while starting a new round of processing lower-risk claims to help...

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675 Emory Valley Road, Suite A2
Oak Ridge, TN
37830

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A. Kay Honey, CPA