A fresh reminder has been sent by the Internal Revenue Service. American businesses that have submitted an incorrect Employee Retention Credit claim are the target of this IRS warning. The Agency claims that there is a simple method for avoiding penalties and interest.
You should apply for the second Employee Retention Credit Voluntary Disclosure Program, according to the IRS.However, there’s not much time left to accomplish it. There is not much time left, so you must move fast.
When is the IRS deadline for the second ERC Voluntary Disclosure Program?
According to the IRS, November 22, 2024, is the deadline for the second ERC Voluntary Disclosure Program. This serves as a reminder to companies who have already been paid by ERC to review the requirements once more and consider the second ERC VDP.
Actually, this is the most effective method for eliminating untrue statements. If businesses do this, they will avoid interest rates as well as fines. It will assist a firm in correcting payment errors for an additional 15% discount.
Not only that, but you will also be spared from future audits and any other costly penalties or interest. If you own a company that makes false promises, take advantage of this.
IRS s claim withdrawal program
Additionally, businesses can still use the claim withdrawal program if necessary, according to the Internal Revenue Service. Consider the situation where your business has yet to pay its Employee Retention Credit claims.
The Internal Revenue Service encourages companies in this circumstance to review the eligibility requirements and warning indicators.
When necessary, it is better to work with a tax professional recommended by the IRS. Using the Employee Retention Credit Eligibility Checklist may also be helpful so that the IRS can advise you on what to do next. Visit the official website to learn more:
- https://www.irs.gov/newsroom/irs-accelerates-work-on-employee-retention-credit-claims-agency-currently-processing-400000-claims-worth-about-10-billion
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