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Employee Retention Credit – Voluntary Disclosure Update
January 23 @ 1:00 pm – 2:00 pm EST
The Employee Retention Credit (ERC) was originally passed as part of the CARES Act to help businesses affected negatively by COVID-19. Fast forward four years and organizations are still navigating through the evolving guidance and upcoming deadlines. Unfortunately, some ERC promoters misled organizations regarding their eligibility. The IRS has launched two programs to help organizations withdraw and pay back ERC funds they may not have qualified for pursuant to the guidance.
On October 19, 2023, the IRS released a special ERC withdrawal process aimed at helping employers who may have been misled by ERC promoters. The withdrawal option is designed to help organizations that have, in good faith, already filed an ERC claim that may be ineligible, but not yet received a refund.
On December 22, 2023, the ERC Voluntary Disclosure Program (ERC-VDP) was announced by the IRS as an option for eligible participants to return 80% of the ERC received and retain 20% of the credit in order to avoid civil penalties and interest. Applications for this program are due on March 22, 2024, so time is of the essence.
In this webinar, we will walk through the qualifications to qualify for the ERC, the withdrawal process, and the ERC-VDP and provide guidance on how to take actionable next steps for your organization.
Learning Objectives
- Summarize eligibility for the ERC.
- Explore the parameters and benefits of a withdrawal of an ERC claim.
- Identify the ERC-VDP rules and application requirements.
- Determine deadlines and next steps regarding the withdrawal and VDP options.
