DISCLAIMER
The material on this website is provided to the general public and is for informational purposes only. Information contained herein does not reflect the opinion of Paley & Prehn, PLC and should not be relied upon as legal advice. You should consult an attorney for advice regarding your individual situation. Contacting us does not create an attorney-client relationship. Should you wish to hire an attorney at Paley & Prehn, PLC to represent you, you must first sign an agreement for legal services.
A Second Employee Retention Credit (ERC) Voluntary Disclosure Program (VDP)
The Internal Revenue Service has announced a second Employee Retention Credit (ERC) Voluntary Disclosure Program (VDP) to allow businesses to correct and resolve improper claims paid for tax periods in 2021. This program provides an avenue to repay only a portion of the payments received and the opportunity to avoid future audits, hefty penalties, and interest. See IRS Announcement 2024-30 here.
If your business filed for Employee Retention Tax Credits (ERC) and has not yet received payment, the IRS ERC Claim Withdrawal Program remains open.
The IRS has promised, and we are expecting, intensifying civil and criminal tax investigations surrounding COVID-related stimulus programs, including the Employee Retention Credit program. It is advisable to seek a review and opinion from a tax attorney regarding any claim you may have filed.
Eligibility for this ERC Voluntary Disclosure Program:
The Business is Not under Criminal Investigation
The Business is not under Civil Exam
The Business has not already applied to a Voluntary Disclosure Program
The IRS has not already received information from a third party the taxpayer is not in compliance or not eligible for the ERC
How Paley & Prehn Can Help You
Paley & Prehn, PLC represents individuals and businesses with their tax matters. We have provided reviews of ERC claims pending, represented businesses with the ERC voluntary disclosure program, and provide representation in civil and criminal ERC investigations. Please do not hesitate to contact us regarding your questions or concerns.