Businesses and tax-exempt organizations are getting more time to return to the IRS the pandemic-era tax credit they wrongly claimed at a smaller discount.
The failure of the $78 billion tax bill to advance in the Senate last week paints an even bleaker and more uncertain future for the IRS as it sorts through a backlog of pandemic-era tax credit claims while businesses wait to get cash they are owed.
A wave of new IRS letters denying pandemic-era tax credit claims is beginning to reach businesses, forcing them to go through a lengthy appeals process or sue the agency.
Taxpayers can now check the status of their audits and tax refund, and get access to lien information without having to call the IRS—all improvements that came about from tax-and-climate law funding, the IRS said.
The IRS has recovered more than $1 billion from millionaires who failed to pay their tax debts, doubling the total collected from its last update earlier this year.