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IRS Tax Tips Sept. 24, 2024

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Issue Number: Tax Tip 2024-78
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Second ERC Voluntary Disclosure Program for improper claims is open through Nov. 22

The IRS’s second Employee Retention Credit Voluntary Disclosure Program [ [link removed] ] is open and runs through Nov. 22, 2024. This ERC VDP helps businesses repay credits they received after filing ERC claims in error.

The program allows businesses to correct improper payments at a 15% discount and avoid potential compliance action in the future such as audits, full repayment, penalties and interest. This second round of the program is open for tax periods in 2021.Employers can’t use the second ERC VDP to disclose and repay ERC money from tax periods in 2020.

Business should review warning signs [ [link removed] ] and eligibility requirements and talk to a trusted tax professional [ [link removed] ] to see if the second ERC VDP is a good option. The IRS’s ERC Eligibility Checklist [ [link removed] ] can help businesses understand eligibility requirements and suggest next steps.

The frequently asked questions about the second ERC Voluntary Disclosure Program [ [link removed] ] can help employers understand the terms of the program.

*Employers who outsourced payroll: Consult the third-party payer *

Many employers outsource their payroll obligations to a third party. These third-party payers generally file one employment tax return using the third party’s employer identification number to report its own and its clients’ information. In these arrangements, the third-party payer must file Form 15434, Application for Employee Retention Credit Voluntary Disclosure Program. See the Form 15434 and its instructions [ [link removed] ] for details.

*Withdrawal program still available for pending ERC claims*

The IRS continues to accept and process requests to withdraw a full ERC claim [ [link removed] ]. Employers that haven’t yet paid back an improperly claimed ERC can avoid future penalties and interest by withdrawing their claim before they receive a refund. They can also withdraw their claim if they've received a check but haven’t deposited or cashed it.

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