The IRS has issued temporary regulations on assessing the erroneous refunds of employment tax credits.
The IRS has issued temporary regulations on assessing the erroneous refunds of employment tax credits. They provide rules for reconciling advance payments, and recapturing the benefit of the credits when necessary, of the refundable employment tax credits provided under the Families First Act and the CARES Act. Under the temporary regs, erroneous refunds of these employment tax credits are treated as underpayments of employment taxes. They authorize the IRS to assess any portion of these credits erroneously credited, paid or refunded in excess of the amount allowed as if those amounts were employment tax liabilities. Read the regs: http://bit.ly/39uzeZT
