IRS announces update regarding Employee Retention Credit program
On Aug. 8, the IRS announced additional steps to help small businesses receive payment of their outstanding credits and prevent improper payments in the Employee Retention Credit program.
During recent weeks, the IRS has sent out 28,000 disallowance letters to businesses whose claims showed a high risk of being incorrect, which it estimates will save up to $5 billion in improper payments. Through this process, the IRS also identified 50,000 valid ERC claims and will be processing them quickly, estimating payments will go out beginning in September and into the fall.
The ERC program began as an effort to help businesses during the COVID-19 pandemic, but as time went on, the program increasingly became the target of aggressive—and potentially predatory—marketing –well after the pandemic ended. The IRS also reminds businesses that when they receive a denial of an ERC claim, they have options available to file an administrative appeal by responding back to the address on the denial letter. More information can be found in the IRS press release, which outlines these updates and provides additional resources regarding the program.
NRCA joins more than 130 organizations to support a delay of the Corporate Transparency Act
On July 25, NRCA joined with more than 130 organizations to support two amendments in the Senate to the National Defense Authorization Act that require a one-year delay of implementation of the Corporate Transparency Act.
Amendments sponsored by Sens. Tim Scott (R-S.C.) and James Lankford (R-Okla.) would provide the business community and federal regulators additional time to educate millions of small-business owners regarding the Corporate Transparency Act’s new reporting requirements and the onerous penalties if they fail to comply. They also would allow time for the ongoing legal challenge to work its way through the courts while restoring Congress’s original intent to give covered entities a full two years to comply with the statute’s reporting requirements.
EPA releases proposal for adding vinyl chloride as a high-priority chemical
On July 24, the Environmental Protection Agency proposed to designate five chemicals as High-Priority Substances for risk evaluation under the Toxic Substances Control Act. If EPA finalizes these designations as proposed, the agency will immediately move forward with the risk evaluation process. The Biden-Harris administration states this is an ongoing effort to “understand and address environmental and toxic exposures to ensure that every community has access to clean air and water, supports the Cancer Moonshot’s mission to end cancer as we know it, and bolsters the Administration’s efforts to make progress on delivering environmental justice and tackling plastic pollution ... If at the end of the risk evaluation process EPA determines that a chemical presents an unreasonable risk to health or the environment, the agency must begin the risk management process to take action to eliminate these unreasonable risks.” EPA will accept public comments regarding this proposal until Oct. 23 via docket EPA-HQ-OPPT-2023-0601 at Regulations.gov.
Summer Cocktails benefitting ROOFPAC was a huge success!
Thank you to all who joined us and supported ROOFPAC at the Summer Cocktails event at Gibsons Bar & Steakhouse July 17 during NRCA’s Midyear Committee Meetings in Chicago! More than 125 attendees enjoyed a fun cocktail reception filled with delicious drinks, hors d’oeuvres and camaraderie and helped raise crucial funds for ROOFPAC—the only PAC dedicated to supporting the roofing industry’s interests at the federal level. NRCA would especially like to thank Johns Manville for sponsoring this event so all funds raised can directly benefit ROOFPAC—your voice of the industry in Washington, D.C. To learn more about ROOFPAC, including our exclusive clubs and benefits and to contribute, please visit www.nrca.net/roofpac.
