IRS Reveals Voluntary Disclosure Program To Pay Back ERC Tax Credits

Did you claim the Employee Retention Credit (ERC) that has been in the news so much? The IRS has cracked down hard, and now even has a way for employers to step forward and pay back amounts that perhaps should not have been awarded in the first place. As part of an ongoing initiative aimed at combating dubious Employee Retention Credit (ERC) claims, the Internal Revenue Service has a new Voluntary Disclosure Program to help businesses who want to pay back the money they received after filing ERC claims in error. The new disclosure program, which has been in the works for several months, is part of a larger effort at the IRS to stop aggressive marketing around ERC that misled some employers into filing claims. The special disclosure program runs through March 22, 2024, and the IRS added provisions allowing repayment of 80% of the claim received.