Congressman David Kustoff (TN-08) led Reps. Tom Rice (SC-07) and Drew Ferguson (GA-03) in sending a letter to U.S. Department of the Treasury Secretary Janet Yellen and Internal Revenue Service (IRS) Commissioner Charles Rettig asking them to address the on-going delays with distribution of tax credits authorized to help small businesses that were struggling during the COVID-19 pandemic.

The letter reads in part, "We write to you regarding the Internal Revenue Service’s (IRS) administration of employer tax credits that were authorized through COVID-19 relief legislation. The CARES Act, as well as additional legislation, created several tax relief programs to help businesses that were struggling financially due to the COVID-19 pandemic. These programs, such as the Employee Retention Tax Credit (ERTC), were designed to provide immediate relief to businesses so they could keep their doors open and keep employees on payroll. Per IRS guidance, ERTC eligible employers that did not initially claim ERTC funds on their Form 941, as well as employers wishing to modify past claims, are required to file Form 941-X.

"The IRS’s processing delays and general mismanagement of the ERTC have led to financial hardship for thousands of small businesses and their employees across the nation. This hardship has been exacerbated by the tax liabilities that many businesses are having to pay for ERTC funds that they have not even received. Further, the IRS’s slow and dysfunctional implementation deviates from Congress’s intent that the ERTC be a fast and immediate form of relief," the letter continues.

Original source can be found here.