ERC Claims Get Spicy. Last week, the IRS announced a Voluntary Disclosure Program for businesses who believed they incorrectly received ERC funds. These terms are very generous. Here’s the details: Businesses are allowed to repay the credit at a reduced rate or 80% of the credit claimed The disclosure program runs through 3/22/24 (only 3 months) Businesses DON’T have to repay any interest paid by the IRS non ERC funds they received Some businesses can apply for repayment on an installment basis. There will be no interest or penalties on amounts repaid (unless they pay on an installment basis) You must provide the information of the business/individual who assisted you with the claim Here is the form you’ll submit if you want to participate. The IRS previously launched a withdrawal program in September 2023 for businesses who hadn’t yet received the credit but believed it was most likely in error. Total amounts withdrawn are at over $100M.
For expert guidance with Aloha, contact us at 808.546.5026 ext. 303 or email info@verity.cpa. Let's ensure your business's financial integrity together.
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