Oct. 3rd Letter from House Ways & Means to IRS re: ERTC
In a heartfelt letter dated October 3, 2023, members of the Committee on Ways and Means underscoreed the critical issues surrounding the Employee Retention Tax Credit (ERTC) program, expressing unwavering support for the hardworking entrepreneurs who are the backbone of our economy. Here, we delve into the essence of this letter, which embodies the collective voice advocating for the rights of small business owners.
Let's explore five essential bullet points that encapsulate the core issues highlighted in the letter:
Overcoming ERTC Backlog: The letter passionately addresses the longstanding backlog in processing ERTC claims, stressing the urgent need to resolve this issue to ensure small business owners receive the support they deserve in a timely manner.
Protecting Legitimate Claims: Small business owners often face delays and obstacles in accessing their rightful ERTC benefits. The letter shines a spotlight on the potentially detrimental impact of the announced moratorium on genuine claims, highlighting the importance of prioritizing these businesses' financial well-being.
Fighting Fraudulent Practices: The letter vehemently condemns the rise in fraudulent activities surrounding the ERTC program. It exposes the predatory tactics employed by third-party entities that exploit the confusion and complexity of the program, posing a grave threat to small business owners' financial stability.
Demanding Legislative Action: In a strong call to action, the letter demands that the IRS engage with Congress to provide legislative solutions. This step is crucial to fortify the ERTC program, safeguard small business owners, and ensure fairness in accessing tax credits.
Transparency and Accountability: The letter champions transparency and accountability, emphasizing the need for Commissioner Werfel to provide clear and timely responses to critical questions. Small business owners deserve to know the steps being taken to expedite claim processing, combat fraud, and eliminate the backlog.
Small business owners are the lifeblood of our communities and the backbone of our economy. To stand with them in their quest for fairness and support, we invite you to download the full PDF of the letter. By doing so, you become a part of the collective effort to protect the rights of small business owners across the nation.
Small business owners deserve to have their voices heard, and it's our duty to ensure they receive the assistance they need to thrive. Download the full letter to gain a deeper understanding of the challenges they face and to join the movement advocating for their rights and success.