Newsletters
The IRS has issued a reminder that summer day camp expenses may be eligible for the Child and Dependent Care tax credit. This tax benefit is available to working parents who pay for the care of their...
The IRS has updated frequently asked questions (FAQs) to provide guidance related to the critical mineral and battery component requirements for the New, Previously Owned and Qualified Commercial Clea...
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool for business taxpayers that now allows them to view and make balance-due p...
The IRS has issued a series of questions and answers for 401(k) and similar retirement plans that provide, or wish to provide, matching contributions based on eligible qualified student loan payments ...
The IRS Whistleblower Office has recognized the contributions of whistleblowers on the occasion of National Whistleblower Appreciation Day, which falls on July 30. Since its inception in 2007, the o...
Last year, Pennsylvania Gov. Josh Shapiro expanded the Property Tax/Rent Rebate program. Applicants of the program must fall under one of the previous categories to qualify: Pennsylvanians age 65 and ...
The IRS has announced a second Voluntary Disclosure Program for employers to resolve erroneous claims for credit or refund involving the COVID-19 Employee Retention Credit (ERC). Participation in the second ERC Voluntary Disclosure Program is limited to ERC claims filed for the 2021 tax period(s), and cannot be used to disclose and repay ERC money from tax periods in 2020.
The IRS has announced a second Voluntary Disclosure Program for employers to resolve erroneous claims for credit or refund involving the COVID-19 Employee Retention Credit (ERC). Participation in the second ERC Voluntary Disclosure Program is limited to ERC claims filed for the 2021 tax period(s), and cannot be used to disclose and repay ERC money from tax periods in 2020.
The program is designed to help businesses with questionable claims to self-correct and repay the credits they received after filing erroneous ERC claims, many of which were driven by aggressive marketing from unscrupulous promoters.
The first ERC Voluntary Disclosure Program was announced in late December 2023, and ended on March 22, 2024 (Announcement 2024-3, I.R.B. 2024-2, 364). Over 2,600 taxpayers applied to the first program to resolve their improper ERC claims and avoid civil penalties and unnecessary litigation.
The second ERC Voluntary Disclosure Program will allow businesses to correct improper payments at a 15-percent discount, and avoid future audits, penalties and interest.
Procedures for Second Voluntary Disclosure Program
To apply, employers must file Form 15434, Application for Employee Retention Credit Voluntary Disclosure Program, and submit it through the IRS Document Upload Tool. Employers must provide the IRS with the names, addresses, telephone numbers and details about the services provided by any advisors or tax preparers who advised or assisted them with their claims, and are expected to repay their full ERC claimed, minus the 15-percent reduction allowed through the Voluntary Disclosure Program.
Eligible employers must apply by 11:59 pm local time on November 22, 2024.