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ARTICLE · 23 SEPTEMBER 2024

IRS Reopens Voluntary Disclosure Program To Help Businesses

Hall Estill
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The Internal Revenue Service (IRS) has announced a second Employee Retention Credit (ERC) Voluntary Disclosure Program (VDP), which will run until November 22, 2024.

United StatesLitigation, Mediation & Arbitration
David T. Potts
David T. Potts

The Internal Revenue Service (IRS) has announced a second Employee Retention Credit (ERC) Voluntary Disclosure Program (VDP), which will run until November 22, 2024. The reopening of the VDP allows businesses with questionable claims to self-report and correct improper payments at a 15% discount and avoid future audits, penalties and interest.

This new program only applies to ERC claims for the 2021 tax year and does not cover credits for the 2020 year.

A variety of ERC recipients can apply for the second VDP. Any employer who already received the ERC for a tax period in 2021 for which it was not entitled can apply if the following are also true:

– The employer has not already applied to the first ERC Voluntary Disclosure Program for the same tax periods. The IRS is still processing applications from the first program. Taxpayers should not reapply for the same periods.

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