IRS Reopens Program Allowing Businesses to Make Amends for Incorrectly Claiming Tax Credits

Published on August 16, 2024

The Internal Revenue Service (IRS) has reopened a program allowing businesses that had falsely claimed a pandemic-era credit to admit to the mistake and return the funds, avoiding action from the agency. The Employee Retention Credit (ERC) was introduced during the pandemic and offered a refundable tax credit for businesses that kept workers on payroll while remaining shut due to government lockdowns and other restrictions. However, the IRS observed that a large number of companies were filing false ERC claims. In December, the agency announced a Voluntary Disclosure Program (VDP), which allowed companies that filed false ERC claims to admit their error and in exchange keep 20 percent of the claims. This program ended in March....

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