Employee Retention Credit - Voluntary Disclosure Update

View the full recorded webinar here: https://event.on24.com/wcc/r/4466223/...

The Employee Retention Credit (ERC) was originally passed as part of the CARES Act to help businesses affected negatively by COVID-19. Fast forward four years, and organizations are still navigating through the evolving guidance and upcoming deadlines. Unfortunately, some ERC promoters misled organizations regarding their eligibility. The IRS has launched two programs to help organizations withdraw and pay back ERC funds they not have qualified for pursuant to the guidance.

On October 19, 2023, the IRS released a special ERC withdrawal process aimed at helping employers who may have been misled by ERC promoters. The withdrawal option is designed to help organizations that have, in good faith, already filed an ERC claim that may be ineligible but have not yet received a refund.

On December 22, 2023, the ERC Voluntary Disclosure Program (ERC-VDP) was announced by the IRS as an option for eligible participants to return 80% of the ERC received and retain 20% of the credit in order to avoid civil penalties and interest. Applications for this program are due on March 22, 2024, so time is of the essence.

We walk through the qualifications to qualify for the ERC, the withdrawal process, and the ERC-VDP and provide guidance on how to take actionable next steps for your organization.

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