WASHINGTON, D.C. — The Internal Revenue Service (IRS) has announced a complimentary webinar on the Employee Retention Credit (ERC) Voluntary Disclosure Program. Slated for Thursday, February 8 at 2 p.m. EST, the 75-minute session aims to provide clarity on the program’s operations and advantages.
The webinar will delve into who can participate in the ERC Voluntary Disclosure Program, how to apply, and the benefits of joining the initiative. It will also outline what to expect after application and highlight the resources available from the IRS on the ERC. Although the webinar is primarily designed for tax professionals—who can earn one continuing education credit through participation—it may also be beneficial for employers exploring means to rectify inaccurate ERC claims that have been processed and paid. The session will also incorporate a live question-and-answer segment, allowing for real-time clarification on pressing concerns.
Protecting taxpayers from misinformation and aggressive marketing around ERC eligibility prompted the establishment of the ERC Voluntary Disclosure Program in December. The program assists employers aiming to repay funds received due to erroneously filed ERC claims. A significant advantage of this initiative is that participants are required to return only 80% of the ERC.
In a bid to safeguard small businesses and organizations from scams, the IRS had previously implemented a moratorium on new ERC claims processing in September.
The IRS continues to offer a special ERC withdrawal initiative, announced last October. This scheme allows for the withdrawal of dubious claims that have not yet been processed or paid. It was established to aid small business owners and others who fell prey to ERC marketers or promoters, leading to the submission of ineligible claims. Claims that are withdrawn will be treated as if they were never submitted, with no penalties or interest imposed by the IRS.
To assist businesses in understanding the intricate guidelines surrounding the credit—also known as the Employee Retention Tax Credit or ERTC—the IRS has prepared special information, including frequently asked questions and an ERC Eligibility Checklist. Available as an interactive tool or a printable guide, this resource offers businesses a user-friendly way to verify their eligibility.
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