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ARTICLE · 28 AUGUST 2024

IRS Reopens Employee Retention Credit Voluntary Disclosure Program

Alvarez & Marsal
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The Internal Revenue Service (IRS) has announced the reopening of the Employee Retention Credit (ERC) Voluntary Disclosure Program (VDP), which will run through November 22, 2024. This program offers...

United StatesTax
Stephanie Doughty
Stephanie Doughty

The Internal Revenue Service (IRS) has announced the reopening of the Employee Retention Credit (ERC) Voluntary Disclosure Program (VDP), which will run through November 22, 2024. This program offers businesses the opportunity to correct improper ERC claims without facing penalties or interest. Here's what you need to know:

Why Consider the ERC Voluntary Disclosure Program?

The second ERC VDP is designed to help businesses that may have received ERC payments they were not entitled to. Many of these claims were driven by aggressive marketing from unscrupulous promoters.1 By participating in the VDP, businesses can self-correct and repay the credits they received, avoiding future audits, penalties and interest.

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