IRS’ Employee Retention Credit Voluntary Disclosure Program

If you erroneously claimed the ERC and received a credit or refund, you can avoid an audit, plus interest and penalties, if you use the new program. Submit Form 15424, Application for Employee Retention Credit Voluntary Disclosure Program (prepared under penalty of perjury) and submit it by March 22, 2024. Also remit 80% of the credit or refund that was received through EFTPS.gov (select the category “Advanced Payment”). No interest is being charged. But you must meet eligibility requirements. Those unable to remit full payment may be able to get an installment plan, but interest is charged in this case. #IdeaoftheDay