IRS says ‘vast majority’ of 1 million pandemic-era credit claims show a risk of being improper

H

Hume

Verified User
NEW YORK (AP) — The Internal Revenue Service said Thursday a review of 1 million claims for the Employee Retention Credit representing $86 billion shows the “vast majority” are at risk of being improper.

The ERC was designed to help businesses retain employees during pandemic-era shutdowns, but it quickly became a magnet for fraud.

About 10% to 20% of the 1 million claims show “clear signs of being erroneous” and tens of thousands of those will be denied in coming weeks, the IRS said. Another 60% to 70% show an “unacceptable risk” of being improper and will be further evaluated.

apnews.com

IRS says 'vast majority' of 1 million pandemic-era credit claims show a risk of being improper

The Internal Revenue Service said Thursday a review of 1 million claims for the Employee Retention Credit representing $86 billion shows the “vast majority” are at risk of being improper.
apnews.com apnews.com
 
The Regime did not give a flying fuck about fraud.....it was all about making new dollars and shoving them out the door.....just one more illustration of how profoundly we have been betrayed.

The really sick thing is a lot of those dollars were instantly taken out of the country.....we hold the debt but we got no benefit at all.
 
Hume said:
NEW YORK (AP) — The Internal Revenue Service said Thursday a review of 1 million claims for the Employee Retention Credit representing $86 billion shows the “vast majority” are at risk of being improper.

The ERC was designed to help businesses retain employees during pandemic-era shutdowns, but it quickly became a magnet for fraud.

About 10% to 20% of the 1 million claims show “clear signs of being erroneous” and tens of thousands of those will be denied in coming weeks, the IRS said. Another 60% to 70% show an “unacceptable risk” of being improper and will be further evaluated.

apnews.com

IRS says 'vast majority' of 1 million pandemic-era credit claims show a risk of being improper

The Internal Revenue Service said Thursday a review of 1 million claims for the Employee Retention Credit representing $86 billion shows the “vast majority” are at risk of being improper.
apnews.com apnews.com
Click to expand...
We are all probably well aware of people also abusing the enhanced unemployment benefits during the pandemic, as well. I’m aware of many who were given paid separation packages during company downsizings, yet still fraudulently received benefits.
 
domer76 said:
We are all probably well aware of people also abusing the enhanced unemployment benefits during the pandemic, as well. I’m aware of many who were given paid separation packages during company downsizings, yet still fraudulently received benefits.
Click to expand...
I know several....they dont feel bad about their fraud at all.....the Elite do fraud constantly so why shouldnt they get a slice I get told.
 
Hawkeye10 said:
I was reading about a guy who pulled off three full time remote jobs at the same time for over 8 months.
Click to expand...
I have known people working two full time jobs at once... Where they had to show up somewhere for 40+ hours for both of them. That is impressive to watch.

It is not that unusual for upper management to have multiple jobs at once. How many jobs does Musk have?

Now common people can leverage the same thing. If you hustle, you too can work multiple jobs. Sometimes I question the wisdom of doing this, it is tough, but it is financially rewarding.
 
TOP said:
Yes, indeed... do Not trust the person with six or more jobs... And the financially rewarding bit...
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Why not? I do freelance work all the time, and it does not make me less trustworthy. In fact, it makes me hyper focussed on fulfilling my obligations. When you have an old style career job, you can coast much of the time. Freelance work is all about delivering in the moment.

The financially rewarding part is quite true. Imagine a company would have to hire someone at $200k to do a job that only sometimes needs to be done. They can pay me $50k for a weeks worth of work, and still be better off. If I can string enough of those jobs in a row, I can make well over a million dollars a year.
 
Hume said:
NEW YORK (AP) — The Internal Revenue Service said Thursday a review of 1 million claims for the Employee Retention Credit representing $86 billion shows the “vast majority” are at risk of being improper.

The ERC was designed to help businesses retain employees during pandemic-era shutdowns, but it quickly became a magnet for fraud.

About 10% to 20% of the 1 million claims show “clear signs of being erroneous” and tens of thousands of those will be denied in coming weeks, the IRS said. Another 60% to 70% show an “unacceptable risk” of being improper and will be further evaluated.

apnews.com

IRS says 'vast majority' of 1 million pandemic-era credit claims show a risk of being improper

The Internal Revenue Service said Thursday a review of 1 million claims for the Employee Retention Credit representing $86 billion shows the “vast majority” are at risk of being improper.
apnews.com apnews.com
Click to expand...
just a reminder....
 
Hume said:
NEW YORK (AP) — The Internal Revenue Service said Thursday a review of 1 million claims for the Employee Retention Credit representing $86 billion shows the “vast majority” are at risk of being improper.

The ERC was designed to help businesses retain employees during pandemic-era shutdowns, but it quickly became a magnet for fraud.

About 10% to 20% of the 1 million claims show “clear signs of being erroneous” and tens of thousands of those will be denied in coming weeks, the IRS said. Another 60% to 70% show an “unacceptable risk” of being improper and will be further evaluated.

apnews.com

IRS says 'vast majority' of 1 million pandemic-era credit claims show a risk of being improper

The Internal Revenue Service said Thursday a review of 1 million claims for the Employee Retention Credit representing $86 billion shows the “vast majority” are at risk of being improper.
apnews.com apnews.com
Click to expand...

Only the dumbest among us should be surprised by this.
 
TOP said:
just a reminder....
Click to expand...
OK, I understand what Top is trying to say. Because employers of some employees have committed fraud, she has decided that having a job is evil, and the more jobs one has the more evil they are.

Who cares that ERC did nothing for freelance workers, or people with multiple jobs, she hates people who work.

The big loss is freelance workers denying they have a job, and not paying the payroll taxes on their income. Payroll taxes mostly go to supporting retirees, like Top. Top hates people who pay payroll taxes.
 
There we go...;) I am very grateful for my pension...I worked hard for it... And paid into it...:)
 
TOP said:
There we go...;) I am very grateful for my pension...I worked hard for it... And paid into it...:)
Click to expand...
What amazes me is that you have no gratitude to the people currently paying into the system that pays your way. You did pay a bit into the previous generation's retirement, but less than what you are getting out.

Somehow trumpers believe if they can shutdown workers, they can still get their Social Security and Medicare.
 
Walt said:
What amazes me is that you have no gratitude to the people currently paying into the system that pays your way. You did pay a bit into the previous generation's retirement, but less than what you are getting out.

Somehow trumpers believe if they can shutdown workers, they can still get their Social Security and Medicare.
Click to expand...
I paid my way
...many times over...:) Most teachers do...
 
The point of the loans was to churn the economy up. They were always aware the Trumpian crooks would cheat. However, they could be caught after the crisis ended. The rebuilding of the economy took precedence.
 
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