The IRS just put up a new webpage and released FAQs having to do with the recently announced Employee Retention Tax Credit (ERTC) Voluntary Disclosure Program. ERTC Voluntary Disclosure Program On December 21, 2023, the IRS announced a new Voluntary Disclosure Program for businesses who claimed the ERC erroneously. The program is part of the IRS' continuing efforts to combat questionable ERTC claims. This special disclosure program affords taxpayers the ability to repay only 80% of the claim received. The program runs through March 22, 2024. New webpage: The new webpage provides information on the advantages of participating in the program, who can apply, how to apply, as well as next steps.  FAQs: The FAQs provide detailed information on eligibility, the program process, calculating and paying the amount...

As reported via IR-2023-230 on 12/6/2023 As part of continuing efforts to combat dubious Employee Retention Tax Credit (ERTC) claims, the Internal Revenue Service is sending an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERTC claims. IRS is disallowing claims to entities that: did not exist, or did not have paid employees during the period of eligibility to prevent improper ERTC payments from being made to ineligible entities. The letters are being sent as the IRS continues increased scrutiny of ERTC claims in response to misleading marketing campaigns that have targeted small businesses and other organizations. The IRS mailing is the latest in an expanded compliance effort that includes a special withdrawal program for those with pending claims who realize they...