Retail

NAMA opposes IRS employee retention tax credit suspension

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September 22, 2023

The National Automatic Merchandising Association recently led a coalition of employer organizations in advising the Internal Revenue Service and the Department of the Treasury to oppose the IRS's recent suspension of new claims for the Employee Retention Tax Credit program for the remainder of 2023.

The IRS announced a processing moratorium on Sept. 14 in an effort to address fraudulent ERTC claims, NAMA noted in a press release. NAMA and the other organizations said the IRS must allow the ERTC program to continue processing claims while effectively managing the threat of illegitimate or fraudulent submissions.

The ERTC program has preserved jobs and fostered economic recovery throughout the COVID-19 pandemic, NAMA said in the press release.