The Worker Retention Tax Credit score Is the Greatest Covid Rip-off

It’s laborious to really feel sorry for the Inner Income Service, however cleansing up for Congress isn’t enjoyable. The Covid worker retention tax credit score is popping right into a traditional case of presidency waste and fraud. Congress created the mess, leaving it to the IRS to mop up.

Pandemic switch funds and student-loan forbearance ended this 12 months, however the worker retention tax credit score (ERC) is a Covid giveaway that retains on giving. The federal government has paid $230 billion in claims, together with about $120 billion this 12 months. The taxpayer invoice will continue to grow since employers have till April 2025 to assert the credit score on wages paid by way of 2021.