If you claimed and received the Employee Retention Credit (ERC), but you are ineligible and need to repay the ERC, you might consider the Employee Retention Credit Voluntary Disclosure Program (ERC-VDP). This program, available until March 22, 2024, allows you to voluntarily repay the ERC (minus 20%), cooperate with IRS inquiries, and sign a closing agreement. Read more about the program.

Source: IRS (2023, Dec 21). “Employee Retention Credit – Voluntary Disclosure Program”. https://www.irs.gov/newsroom/irs-announces-withdrawal-process-for-employee-retention-credit-claims-special-initiative-aimed-at-helping-businesses-concerned-about-an-ineligible-claim-amid-aggressive-marketing-scams