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The latest news on Employee Retention Credits

Posted on March 6, 2024

Business owners, managers and others who want to learn more about resolving incorrect Employee Retention Credit claims can view the IRS’s free webinar about the ERC Voluntary Disclosure Program. This webinar can be especially helpful if you believe you may have been misled by aggressive marketing and misinformation around ERC eligibility.

Important: Deadline to apply to the program is March 22, 2024.

The recorded webinar “Employee Retention Credit – Voluntary Disclosure Program” is available on demand on the IRS Video Portal.

This 75-minute webinar focuses on:

  • Who can participate in the ERC Voluntary Disclosure Program
  • How to apply
  • Advantages of the program and what happens after applying.
  • ERC resources available from the IRS.
  • The question-and-answer session that followed the original presentation.

It’s especially useful to:

  • Employers who are exploring options to resolve an inaccurate ERC claim that was processed and paid.
  • Employers who would like to withdraw a questionable claim that has not been processed or paid.

What the video highlights:

ERC Voluntary Disclosure Program: The ERC Voluntary Disclosure Program helps employers whose claims were paid by Dec. 21, 2023, pay back the money they received after filing ERC claims in error. A key benefit of the program is that employers have to pay back only 80% of the ERC they received, with no penalties or interest.

ERC withdrawal process: The ERC claim withdrawal program is still available. Businesses who want to withdraw a claim that hasn’t been processed or paid should quickly pursue this process if they see their claim is now ineligible. The IRS will treat withdrawn claims as if they were never filed. No penalties or interest will apply.

‘Moratorium’ update: On Sept. 14, 2023, following concerns about aggressive ERC marketing, the IRS announced a moratorium on processing new ERC claims. Although the IRS continues to process ERC claims submitted before the moratorium, the agency’s approach changed last year.

The IRS plans to continue program integrity measures before the agency anticipates processing claims submitted after the moratorium began.

Got a question? Our experienced business-oriented CPAs can help you begin the process or point you in the right direction. Contact us to help you sort things out.