IRS Proposes New Regulations on Excess Credits Under CARES Act, Families First Act, and ARP

Summary

The IRS has proposed regulations that would assess interest on excess credits paid to taxpayers due to erroneous refunds of employment tax credits under the Families First Coronavirus Response Act, CARES Act, and ARP, affecting businesses, tax-exempt organizations, and certain government entities claiming paid sick and family leave credits, as well as employee retention credits.