The Internal Revenue Service (“IRS”) has opened a limited time Voluntary Disclosure Program (the “Program”) to help businesses fix incorrect Employee Retention Credit (“ERC”) with respect to 2021. The Program will run until November 22, 2024 and allows businesses a chance to self-correct improper and/or questionable ERC claims with respect to the 2021 filing period. The Program permits businesses to return 85% of the improper ERC claim received (organization may keep 15%) and avoid future audits, penalties and interest.
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