IRS Announces New Employee Retention Credit – Voluntary Disclosure Program | Heemer Klein & Company, PLLC

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IRS Announces New Employee Retention Credit – Voluntary Disclosure Program

IRS Announces New Employee Retention Credit – Voluntary Disclosure Program

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

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