July 24, 2023
IRS issues final regulations on recapture of excess employment tax credits
The IRS has issued final regulations (TD 9978) under IRC Sections 3111 and 3221 authorizing the assessment of any erroneous refund of the credits paid under the Families First Act, including any increases in these credits under the CARES Act. The final regulations adopt, with a minor modification, temporary and proposed regulations (see Tax Alert 2020-1907).
Published by NTD’s Tax Technical Knowledge Services group; Andrea Ben-Yosef, legal editor