The IRS has made it a priority to audit and recover wrongly claimed refunds through the Employee Retention Credit or ERC.
The ERC was first introduced in March 2020 to help employers retain employees through the Covid-19 pandemic. The IRS has made it a priority to recover wrongly claimed refunds through the ERC. Given the ERC required no formal approval process other than for the employer to file their employment tax returns or amended employment tax returns, there was huge potential for abuse. […]
Read More… from ERC – Voluntary Disclosure Program Overview (Employee Retention Credit Series)
The Employee Retention Credit (“ERC”) was first introduced in March 2020 to help employers retain employees through the Covid-19 pandemic. The Internal Revenue Service (“IRS”) has made it a priority to recover wrongly claimed refunds through the ERC. […]
Read More… from Employee Retention Credit (Employee Retention Credit Series)
It is important for employers who made questionable claims for the Employee Retention Credit (“ERC”) to take immediate action to determine whether the ERC Voluntary Disclosure Program (“ERC VDP”) is their best compliance option. Since the ERC required no formal approval process other than the employer to file their employment tax returns or amended employment tax returns, there was huge potential for abuse that promoters heavily marketed. The deadline for an employer to apply for the ERC VDP is March 22, 2024. […]
Read More… from Immediate Action to Apply for the ERC – Voluntary Disclosure Program