IRS Providing Way for Employers to Repay 80% of Questionable ERC Claims
Jan 2, 2024
On Thursday, December 21, 2023, the IRS announced a way for employers to voluntarily pay back 80% of questionable Employee Retention Credits (ERC) the employer claimed in exchange for voluntarily disclosing details about the vendor and the tactics they used.
Here are some highlights from the IRS about this new Voluntary Disclosure Program:
Employers with a pending ERC claim are still urged to “consider a separate withdrawal program that allows them to remove a pending ERC claim with no interest or penalty. The IRS has already received more than $100 million in withdrawals as the agency continues intensifying audits and criminal investigation work in this area.”
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