Act now to resolve incorrect ERC claims before March 22

Bookmark and Share [ [link removed] ]

a { color:#0073AF !important;} a:hover { color:#004673 !important;} <!-- body { font-family: arial; } p { font-size: 10pt; } li { font-size: 10pt; } h2 { font-size: 24px; font-style: italic;} h4 { font-size: 12pt;margin:5px 0px; } -->

?

IRS.gov Banner
e-News for Small Business March 15, 2024

Tax Resources for Small Business

Small Business Self-Employment Center [ [link removed] ]

Small Business Forms & Instructions [ [link removed] ]

Small Business Tax Workshops, Meetings and Seminars [ [link removed] ]

Webinars for Small Businesses [ [link removed] ]

E-file Employment Tax Forms [ [link removed] ]

Businesses with Employees [ [link removed] ]

Self-Employed Individuals Tax Center [ [link removed] ]

S Corporations [ [link removed] ]

________________________________________________________________________

Other Resources

IRS Home Page [ [link removed] ]

A-Z Index for Business [ [link removed] ]

Forms, Instructions & Publications [ [link removed] ]

Filing Your Taxes [ [link removed] ]

Pay Online [ [link removed] ]

Taxpayer Advocate Service [ [link removed] ]

Retirement Plans for Small Entities and Self-Employed [ [link removed] ]

Tax Information for Charities [ [link removed] ]
and Other Non-Profits [ [link removed] ]

State Government Websites [ [link removed] ]

SSA/RS Reporter [ [link removed] ]

IRS Social Media [ [link removed] ]

?

?


Issue Number: 2024-05

**Check Employee Retention Credits and resolve incorrect claims before March 22**

Every business that filed for the Employee Retention Credit (ERC) [ [link removed] ] should act now to make sure they didn?t incorrectly claim the credit.

The IRS has *two limited-time options* to help businesses voluntarily resolve incorrect claims:


* Employers who received an incorrect ERC by *December 21, 2023*, either as a refund or as a credit on a tax return, can apply to the ERC Voluntary Disclosure Program [ [link removed] ] through *March 22, 2024*. This option lets a taxpayer repay the incorrect ERC, minus 20 percent, for any tax period they weren?t eligible for ERC. Generally, businesses who enter this program don?t have to amend other returns affected by the incorrect ERC and don?t have to repay interest they received from the IRS on an ERC refund.
* Businesses should quickly pursue the claim withdrawal process [ [link removed] ] if they need to ask the IRS not to process an ERC claim for any tax period that hasn?t been paid yet. Taxpayers who received an ERC check, but haven?t cashed or deposited it, can also use this process to withdraw the claim and return the check. The IRS will treat the claim as though the taxpayer never filed it. No interest or penalties will apply.

Some promoters misled businesses into improperly filing for the credit when the business didn?t qualify to claim it. Some promoter groups called the credit by another name, such as a grant, business stimulus payment, government relief or other names. Even if terms such as Employee Retention Credit or Employee Retention Tax Credit don?t sound familiar, businesses should still review their records to make sure they didn?t incorrectly claim this pandemic-era credit.

*ERC resources*
The following resources can help businesses determine ERC eligibility and resolve incorrect claims:


* Eligibility Checklist: interactive version [ [link removed] ] and printable guide [ [link removed] ]
* Webinar: ERC Voluntary Disclosure Program [ [link removed] ]
* Frequently asked questions
* Eligibility [ [link removed] ]
* Claim withdrawal [ [link removed] ]
* Voluntary Disclosure Program [ [link removed] ]
* How to repay [ [link removed] ]
* What if you can?t pay in full [ [link removed] ]

*Additional information*


* IR-2024-72, March 15, 2025, March 22 deadline approaching to resolve incorrect Employee Retention Credit claims; IRS urges businesses to review questionable claims to avoid future compliance action [ [link removed] ]
* IR-2024-39, Feb. 13, 2024, Signs ERC claims may be incorrect [ [link removed] ]
* Tax tip 2024-15, Seven warning signs of incorrect ERC claims [ [link removed] ]
* Tax tip 2024-12, Employers: Watch this webinar for the latest news on Employee Retention Credits [ [link removed] ]
* Resolve incorrect Employee Retention Credit claims: IRS offers help before March 22 deadline [ [link removed] ]
* Businesses: Signs your Employee Retention Credit claim could be wrong; check before March 22 deadline [ [link removed] ]
* If you need to repay incorrectly claimed Employee Retention Credits, IRS webinar has important details before March 22 deadline [ [link removed] ]
________________________________________________________________________

FaceBook Logo [ [link removed] ]??YouTube Logo [ [link removed] ] ?Instagram Logo [ [link removed] ]? Twitter Logo [ [link removed] ] ?LinkedIn Logo [ [link removed] ]

________________________________________________________________________

Thank you for subscribing to this IRS email service.

This message was distributed automatically from the mailing list e-News for Small Business. Please Do Not Reply To This Message.



?

________________________________________________________________________

Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page [ [link removed] ]. You will need your email address to log in. If you have questions or problems with the subscription service, visit subscriberhelp.govdelivery.com [ [link removed] ].

This service is provided to you at no charge by the Internal Revenue Service (IRS) [ [link removed] ].


body .abe-column-block {min-height: 5px;} ________________________________________________________________________

This email was sent to [email protected] by: Internal Revenue Service (IRS) ? Internal Revenue Service ? 1111 Constitution Ave. N.W. ? Washington, D.C. 20535 GovDelivery logo [ [link removed] ]
body .abe-column-block { min-height: 5px; } table.gd_combo_table img {margin-left:10px; margin-right:10px;} table.gd_combo_table div.govd_image_display img, table.gd_combo_table td.gd_combo_image_cell img {margin-left:0px; margin-right:0px;}