The IRS is reminding certain businesses that a March 22, 2024, deadline is looming. The businesses must review guidelines for the Employer Retention Credit (ERC) and, if they’ve claimed it improperly, remedy their errors. The IRS has offered two fixes: 1) the Voluntary Disclosure Program (https://bit.ly/49g2Pnr), in which businesses can repay any incorrect ERC amount, minus 20%, for noneligible tax periods, and 2) a claim withdrawal process (https://bit.ly/43pVMas), which allows businesses to retract ERC claims that haven’t yet been processed. As the IRS has explained, bad actors advised some businesses to file for the ERC even though they didn’t meet eligibility criteria.
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