IRS tells small businesses to withdraw ineligible claims for lucrative tax credit

The IRS is urging small business owners who claimed a lucrative tax credit to review their eligibility again and promptly withdraw any unqualified applications.

The announcement this week from the IRS revolves around the employee retention credit, or ERC, worth up to tens of thousands of dollars. If business owners find themselves ineligible, the Internal Revenue Service has provided several methods for them to withdraw their ERC claim depending on the status of their return.

The agency’s…