global Tax REMINDER: Employee Retention Credit Voluntary Disclosure Program Ends November 22nd. Act Now! September 26, 2024 Disclaimer This post was published more than two years ago, and some information may now be out of date. We want to help you make the best decisions possible—please connect with your advisor or check out our latest resources for the most current guidance. Employers…don’t forget to take advantage of the Employee Retention Credit (ERC) voluntary disclosure program. You can correct improper ERC claims at a 15% discount if you act before November 22, 2024. Here are the details. The IRS is reminding employers to avail themselves of the program before it ends on November 22nd 2024. Background: Check out our ERC Insights page for more information on the ERC and how to qualify for the credit. What is the ERC voluntary disclosure program? Check out our blog, ERC Update: IRS Voluntary Disclosure Program Reopens for False Claims for the details, but here are the highlights: Through the program, businesses will benefit from a 15% discount on repayments and will avoid penalties, interest and future audits.The VDP allows businesses to self-correct errors without stringent IRS compliance actions.The VDP is open for tax periods in 2021 (cannot be used to repay ERC from 2020 tax periods) Don’t forget to apply before November 22, 2024.
