08 Mar Review Warning Signs and Resolve Incorrect Employee Retention Credit Claims Soon
The IRS shared seven warning signs of incorrect ERC (Employee Retention Credit) claims and is urging businesses to revisit their claims and apply to the ERC Voluntary Disclosure Program before the March 22, 2024, application deadline. The program helps employers repay their ERC at a discount if they filed an incorrect ERC claim. There’s also an ERC Withdrawal Program for those who have claims that haven’t been processed yet. Please share the seven warning signs and the ERC Eligibility Checklist with clients.
Some businesses may need help from their payroll service provider to resolve an incorrect claim.
ERC information is available on IRS.gov for payroll service providers:
- Claim withdrawal process
- Voluntary Disclosure Program
- New legal memo AM-2024-001 regarding employment tax liability for improperly claimed employment tax credits
Original content by irs.gov. This information is provided with the understanding that Payroll Partners is not rendering legal, human resources, or other professional advice or service. Professional advice on specific issues should be sought from a lawyer, HR consultant or other professional.