Firm Partner, Mary Wood was quoted in a Tax Notes article on June 27, 2024
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Mary E. Wood
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Firm Partner, Mary E. Wood was quoted in a Tax Notes article published June 27, 2024 written by Lauren Loricchio, titled, "Address ERC Backlog, Taxpayer Advocate Urges."
The article discusses the release of the National Taxpayer Advocate midyear report following an announcement that the IRS’s moratorium on processing new ERC claims will continue and has significantly slowed the processing of pending claims, causing eligible business taxpayers with legitimate ERC claims lengthy delays. The report added the IRS should also “improve its process to identify legitimate ERC claims” and “be transparent by posting general updates on the ERC claims backlog and estimated processing timelines.”
Instituting a boost in processing and more transparency regarding claim status “may prove to be too little, too late if ERC claim processing times are not significantly shortened in the near future,” according to Mary E. Wood. “Unfortunately, the massive amount of perceived fraudulent ERC claims has severely undercut the IRS’s efficiency in processing and paying legitimate claims,” Wood said.
The article discusses the release of the National Taxpayer Advocate midyear report following an announcement that the IRS’s moratorium on processing new ERC claims will continue and has significantly slowed the processing of pending claims, causing eligible business taxpayers with legitimate ERC claims lengthy delays. The report added the IRS should also “improve its process to identify legitimate ERC claims” and “be transparent by posting general updates on the ERC claims backlog and estimated processing timelines.”
Instituting a boost in processing and more transparency regarding claim status “may prove to be too little, too late if ERC claim processing times are not significantly shortened in the near future,” according to Mary E. Wood. “Unfortunately, the massive amount of perceived fraudulent ERC claims has severely undercut the IRS’s efficiency in processing and paying legitimate claims,” Wood said.
