IRS Aims to Approve $10 Billion in Employer Covid Credit Claims

The IRS is on track to approve $10 billion worth of claims for a pandemic-era credit that has been riddled with fraud by the end of this year.

The agency plans to approve 500,000 employee retention credit claims in the next few weeks, Commissioner Daniel Werfel said Friday during the American Bar Association 2024 Criminal Tax Fraud and Tax Controversy conference in Las Vegas.

Werfel said he expects the IRS to approve another 500,000 or 600,000 claims in 2025.

“2025 is going to be the year where we finish this race in terms of the ERC,” Werfel said. “Within the ...