IRS Tax Tip 2024-12, Feb. 26, 2024 Businesses, tax professionals 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 and other IRS efforts to help taxpayers who may have been misled by aggressive marketing and misinformation around ERC eligibility. The recorded webinar Employee Retention Credit – Voluntary Disclosure Program is now available on the IRS YouTube channel. The deadline to apply to the program is March 22, 2024. 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. This webinar may be 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. Tax professionals helping clients with incorrect ERC claims. Webinar 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. The key benefit of the program is that employers have to pay back only 80% of the ERC they received, with no penalties or interest. The deadline to apply is March 22, 2024. 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 The IRS will treat withdrawn claims as if they were never filed.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. ERC moratorium update: On Sept. 14, 2023, following concerns about aggressive ERC marketing, the IRS announced a moratorium on processing new ERC claims. A specific resumption date hasn’t been determined. The IRS continues to process ERC claims submitted before the moratorium, but with additional scrutiny and at a much slower rate than before the agency’s approach changed last year. During the coming months, the IRS plans to continue program integrity measures before the agency anticipates processing claims submitted after the moratorium began. More information: Warning signs an ERC claim might be incorrect Frequently asked questions: General ERC information, Voluntary Disclosure Program, claim withdrawal ERC Eligibility Checklist, available as an interactive tool or as a printable guide PDF Subscribe to IRS tax tips
