Second ERC Voluntary Disclosure Program for improper claims is open through Nov. 22

Second ERC Voluntary Disclosure Program for improper claims is open through Nov. 22

Byshanna

The IRS’s second Employee Retention Credit Voluntary Disclosure Program is open and runs through Nov. 22, 2024. This ERC VDP helps businesses repay credits they received after filing ERC claims in error. The program allows businesses to correct improper payments at a 15% discount and avoid potential compliance action in the future such as audits,…

Businesses should review Employee Retention Credit rules and resolve incorrect claims soon

Businesses should review Employee Retention Credit rules and resolve incorrect claims soon

Byadmin

The IRS urges businesses to review their eligibility for the Employee Retention Credit because there’s limited time for them to voluntarily resolve incorrect claims and avoid future issues, such as penalties and interest. Some honest businesses were misled into filing claims for the Employee Retention Credit by promoters who often misrepresented or oversimplified eligibility rules….