Urgency in Processing Low-Risk ERC Claims Highlighted by Former IRS Commissioner

Former IRS Commissioner Chuck Rettig has recently authored an op-ed in Fortune, underscoring the importance of the IRS expediting the processing of low-risk Employee Retention Credit (ERC) claims. Rettig highlights that while a significant portion of ERC claims, 60-70%, pose a high risk of fraud, and an additional 10-20% are deemed high-risk, there are 10-20% of claims classified as low-risk. These low-risk claims could provide critical relief to approximately 150,000 - 300,000 small businesses.

This op-ed is a notable achievement for CPAJ, reflecting their efforts to encourage the IRS to address the backlog of legitimate claims. As Rettig points out, while the IRS's careful scrutiny of claims is essential to maintain integrity, it is equally important to ensure that legitimate filers receive timely assistance.

Read the full article here to gain insights into Rettig's argument and its potential impact on small businesses. We remain hopeful that this attention will prompt the IRS to take swift action in processing these low-risk claims.