IRS’s Second Employee Retention Credit Voluntary Disclosure Program

The IRS has urged businesses that received payments from claiming an employee retention credit (ERC) to recheck eligibility. Now, the IRS has commenced a second program to enable businesses that erroneously received payments to correct things without interest or penalty. The second ERC-Voluntary Disclosure Program will run through November 22, 2024, and allow businesses to correct improper payments at a 15% discount and avoid future audits, penalties, and interest. In other words, applicants that the IRS accepts into the program only have to repay 85% of the credits they received. They don’t even have to repay interest, if any, they received from the IRS on those credits. #IdeaoftheDay