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ARTICLE · 19 FEBRUARY 2024

Employee Retention Credit – Voluntary Disclosure Program

Bennett Thrasher
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On December 21, 2023, the IRS announced the Voluntary Disclosure Program, its latest step to protect the integrity of ERC and safeguard the funds allocated for economic relief during the pandemic.

United StatesEmployment and HR
James Pickett
James Pickett

On December 21, 2023, the IRS announced the Voluntary Disclosure Program, its latest step to protect the integrity of ERC and safeguard the funds allocated for economic relief during the pandemic. By implementing this program, the IRS intends to give these taxpayers the opportunity to disclose ERC claims made in error before an ERC audit occurs to minimize repercussions. Below we will summarize the details of this program and what steps employers should take if they believe they qualify.

Key Highlights

  • Deadline to Apply: Eligible businesses have until March 22, 2024, to apply.
  • Repayment Terms: Businesses who are accepted are only required to repay 80% of the ERC amount they received.

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