A sign outside the Internal Revenue Service building in Washington. / PHOTO: AP ( Headline USA ) When IRS Commissioner Danny Werfel met privately with senators recently, the chairman of the Senate Finance Committee asked for his assessment of a startling report: A whistleblower estimated that 95% of claims now being made by businesses for a COVID-era tax break were fraudulent .
“He looked at his shoes and he basically said, ‘Yeah,’” recalled the lawmaker who posed that question, Sen. Ron Wyden, D-Ore.
The answer explains why Congress is racing to wind down what is known as the employee retention tax credit . Congress established the program during the coronavirus overreaction as an incentive for businesses to keep workers on the payroll.
Demand for the credit soared as Congress extended the tax break and made it available to more companies. Aggressive marketers dangled the prospect of enormous refunds to business owners if […]
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