House Republicans push IRS for answers on processing pause for small business tax credit

Photo caption: Rep. Jason Smith, R-Mo., speaks during a House Oversight and Accountability Committee impeachment inquiry hearing into U.S. President Joe Biden on Sept. 28, 2023. Photo credit: Jonathan Ernst | Reuters. Article by Kate Dore, CFP®. CNBC – updated October 4, 2023.

Key Points

• House Republicans are pressing the IRS for answers after the agency paused processing new claims for a pandemic-era small business tax break.
• Lawmakers voiced “continued concerns” about the employee retention credit, enacted to support small businesses during the Covid-19 pandemic.
• House Ways and Means Committee chair Jason Smith, R-Mo., and Oversight Subcommittee chair David Schweikert, R-Ariz., asked the IRS for updates on the backlog of unprocessed ERC claims. […]

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