IRS processing delays are hindering businesses awaiting COVID-19-related tax benefits. That’s the bottom line according to a recent Treasury Inspector General for Tax Administration (TIGTA) audit. TIGTA reports that processing claims for qualified Sick and Family Leave Credits and Employee Retention Credits didn’t begin until 12 months after the relevant legislation was enacted. Processing claims for Social Security Tax Deferral was delayed for 16 months. The delays were attributed to “a lack of updated programming and procedural guidance.” Erroneously suspended claims and a lack of prioritization of claims further compounded the problem. Read the audit: https://bit.ly/3xn0IOy Call or visit our website for more information! www.mjscpa.com/
