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 due, installment agreements, amending employment tax returns to account for the ERTC repayment, and information for preparers and third-party payers.

(This is Blog Post #1514)