The Internal Revenue Service continues to work on reviewing all claims regarding the Employee Retention Credit (ERC). The IRS strongly encourages businesses to utilize the Voluntary Disclosure Program (VDP) if they incorrectly claimed ERC but did not meet the criteria. The deadline to file a VDP is March 22, 2024; attorneys in our office can help.
To help businesses and promote further protection against fraud, the Criminal Investigation (CI), law enforcement branch of the IRS, will be hosting several educational sessions geared specifically for tax professionals about ERC at its field offices across at least 23 states and the District of Columbia.
Through these educational sessions, CI special agents will train tax professionals through ERC eligibility criteria, documentation requirements to receive ERC claims, and best practices for compliance and accurate reporting. Tax professionals will be invited via invitations by mail through the U.S. Postal Service.
For businesses that filed for ERC claim but have not yet received a refund, there’s still the option to withdraw their submission and avoid future repayment, interest, and penalties.
To read more, click here.