IRS Renews Calls for Businesses to Review Their Eligibility for the Employee Retention Tax Credit
On Thursday, the Internal Revenue Service (IRS) renewed calls for businesses to review their eligibility for the COVID-era Employee Retention Tax Credit (ERTC). The IRS highlighted that if businesses do not meet the criteria for receiving the ERTC, but claimed the credit, they should consider applying for the Voluntary Disclosure Program—which allows repayment of just 80% of the ERTC claim received—before the March 22, 2024 deadline. The IRS also reiterated that it has created a Special Withdrawal Program for businesses with pending claims about which they have eligibility concerns. The Special Withdrawal Program allows certain employers that filed an ERTC claim to withdraw their submission and avoid future repayment, interest, and penalties.
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