Akerman tax lawyer Joshua Hamlet breaks down a recent warning issued by the IRS regarding the employee retention credit (ERC) in a new Bloomberg Tax article. Hamlet notes the IRS is facing Congressional scrutiny in the face of a backlog of applications, many of which have come through third-party facilitators and may be ineligible.

"Unfortunately, all businesses may have to wait longer for the IRS to process these returns....As advised by the IRS, businesses should work with a trusted tax professional to review eligibility for the ERC before filing," Hamlet writes.