The IRS introduced the Employee Retention Credit Voluntary Disclosure Program (ERC-VDP) to support businesses, providing a unique opportunity to amend past ERC claims. This program especially benefits those who may have inadvertently overstated their ERC claims.
Why Consider the ERC-VDP?
- Deadline Advantage: The program is open until March 22, 2024, giving you a limited window to act.
- Financial Incentive: Enjoy a 20% discount on repayment. You must only repay 80% of the ERC amount claimed, easing your financial burden.
- Audit Protection: By participating, you avoid the risk of an employment tax audit for issues resolved under the program.
- Simplified Tax Filing: There’s no need to adjust wage expenses on your income tax return related to the ERC claim.
This program isn’t just a way to correct past claims; it’s a proactive step to safeguard your business’s integrity and avoid future tax complications.
Contact us today for a comprehensive review and tailored advice on how this program can benefit your business.
Happy New Year!