December 21, 2023
IRS launches voluntary disclosure program for recipients of employee retention credits, allows repayment at discounted rate
The IRS announced (IR-2023-247) the launch of a new voluntary disclosure program to assist employers who want to pay back funds they received for filing employee retention credit (ERC) claims in error. The new program will run through March 22, 2024, and those accepted into the program will be allowed to pay back 80% of the claims received. The IRS said it will not charge interest or penalties on repaid amounts. A Tax Alert is forthcoming.
Published by NTD’s Tax Technical Knowledge Services group; Chris DeZinno, legal editor