ERC Voluntary Disclosure Program (IRS)

Deadline March 22, 2024 to Get Out

ERC Deadline Voluntary Disclosure, IRS Tax Attorney (Naperville IL)

Are you familiar with the March 22nd deadline for the Employee Retention Credit Voluntary Disclosure Program? Basically, if you received an Employee Retention Credit refund, and if you really were not entitled to it, the Voluntary Disclosure Program allows you to turn the refunds back in without getting in legal trouble.

How Could “Voluntary Disclosure” Help Me?

Here are 3 main benefits of participating in the IRS’s Employee Retention Credit Voluntary Disclosure Program:

• There’s no interest or penalty charged to you for the funds turned in. For funds not turned in through this program, the IRS will likely charge interest and some penalty.

• You are only required to pay back 80% of the refunds. This is because they realize that a lot of people paid up to 20% to have their refunds processed.

• You will not be audited or criminally investigated by the IRS. You can simply “walk away”.

The IRS will soon begin auditing nearly 100% of refund recipients who do not “voluntarily disclose”. For those that were not entitled to receive these refunds, there will be audit adjustments, with interest and penalties. For those people that knowingly filed erroneous Amended Form 941X returns to receive ERC refunds, there will be IRS criminal investigations.

Those people already under audit already, or currently under IRS criminal investigation, do not qualify to participate.

However, if you qualify to participate, and are interested in avoiding trouble for receiving erroneous refunds, this is an option. Remember, March 22, 2024 is the deadline to make voluntary disclosure.

If you feel that you need representation, Contact Tax Law Offices. We’ll be glad to help you.