The IRS has announced the reopening of its Voluntary Disclosure Program (VDP) to help businesses resolve incorrect Employee Retention Tax Credit (ERTC) claims. The second VDP will run through Nov. 22, 2024. It’s designed to help businesses with questionable ERTC claims to self-correct and repay the money they received (at a 15% discount) after filing claims in error. Many of these claims were driven by aggressive marketing from unscrupulous promoters. The IRS also announced that it plans to mail up to 30,000 new letters to reverse or recapture potentially more than $1 billion in improper ERTC claims by this fall.
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