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ARTICLE · 14 NOVEMBER 2024

ERC Voluntary Disclosure Program To Close On Nov. 22, 2024

Taft, Stettinius & Hollister LLP
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The Employee Retention Credit (ERC), a refundable tax credit established under the CARES Act to help businesses impacted by COVID-19, has provided valuable tax relief to many businesses that continued.

United StatesTax
Ivan H. Golden
Ivan H. Golden
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The Employee Retention Credit (ERC), a refundable tax credit established under the CARES Act to help businesses impacted by COVID-19, has provided valuable tax relief to many businesses that continued to pay employees throughout the pandemic. Unfortunately, due to confusion about eligibility criteria, as well as outright fraud by some dubious tax credit promoters, thousands of businesses applied for and even received ERC in error.

To address misuse of the ERC program, the IRS has dramatically increased its scrutiny of ERC claims and has introduced an ERC Voluntary Disclosure Program, which allows businesses that applied for and received ERC in error an opportunity to withdraw their claims without facing penalties.

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