19 October 2023 IRS announces process for withdrawing employee retention credit claims The IRS announced (IR-2023-193) that it has implemented a process that allows certain employers to withdraw their employee retention credit claims without being subject to future repayment, interest and penalties. Employers can use the claim withdrawal process if they (1) made the claim on an adjusted employment return that only claimed the ERC, (2) want to withdraw the entire amount and (3) the claim has either not been either paid by the IRS, or if paid, not deposited. The IRS also released specific instructions on how to withdraw the claim. A Tax Alert is forthcoming. Document ID: 2023-1742 |