Businesses will only have to pay back 80% of a pandemic-era tax credit they received but didn’t qualify for if they come forward to the IRS in the next few months.
The voluntary disclosure program will be an option for employers who received the employee retention credit and haven’t yet heard from the IRS. In turn, the employer must provide information to the IRS on the advisers or tax preparers that assisted them. The program will expire March 22, 2024.
The IRS didn’t want to penalize well-intentioned businesses that received the credit in error, IRS Commissioner Danny Werfel said ...
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