The Internal Revenue Service has sent out a new reminder. This IRS warning is for American companies that have made a wrong claim for the Employee Retention Credit. It is said by the Agency that there is an easy way to avoid fines and interest.
The IRS suggests that you apply for the second Employee Retention Credit Voluntary Disclosure Program. But there isn’t much time left to do that. You need to act quickly because time is running out.
When is the IRS deadline for the second ERC Voluntary Disclosure Program?
The IRS says that the second ERC Voluntary Disclosure Program must end on November 22, 2024. This is a reminder that businesses that have already received ERC payments should look over the requirements again and think about the second ERC VDP.
In fact, this is the best way to get rid of false claims. Businesses will avoid both fines and interest rates if they do this. For an extra 15% off, it will help a business fix mistakes in payments.
Not only that, but you will also avoid an audit in the future and any other fines or interest that would be too expensive. Use this to your advantage if you run a business that makes claims that aren’t true.
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IRS’s claim withdrawal program
The Internal Revenue Service also wants taxpayers to know that businesses can still use the claim withdrawal program if they need to. Take the case of your company, which hasn’t paid its Employee Retention Credit claims yet.
In order to help businesses that are in this situation, the Internal Revenue Service wants them to look over the requirements and warning signs for being eligible.
When you need to, it’s best to hire a tax pro that the IRS recommends. It might also help to use the Employee Retention Credit Eligibility Checklist so that the IRS can tell you what to do next. To find out more, go to the official website:
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