The IRS recently shared seven warning signs that Employee Retention Credit claims may be incorrect. The IRS is urging businesses to revisit eligibility and resolve issues before the March 22, 2024, deadline. For those who filed a claim in error and received a payment, they will be allowed to repay 80% of the claim, with the IRS forgiving the remaining 20%.

To read more about this issue, check out this article from the Journal of Accountancy: 7 warning signs that an ERC claim is questionable, from the IRS