The Internal Revenue Service has issued a fresh reminder to get people to pay their taxes. This notice from the Internal Revenue Service is directed against American companies who have submitted an erroneous claim for Employee Retention Credit.
It is asserted by the Agency that there is a straightforward method to avoid incurring interest and penalties.
Application to the second Employee Retention Credit Voluntary Disclosure Program is something that the Internal Revenue Service suggests.
Nevertheless, there is not a lot of time left to accomplish this. The clock is ticking, and you need to find a way to act immediately.
When is the IRS deadline for the second ERC Voluntary Disclosure Program?
The Internal Revenue Service has stated that the deadline for the second ERC Voluntary Disclosure Program is the 22nd of November in the year 2024.
A company that has already received ERC payments should pay particular attention to this reminder since it is especially crucial for them to reconsider the eligibility standards and think about the second ERC VDP.
In point of fact, this will be the most effective method for identifying false assertions. If they do this, firms will be able to avoid incurring penalties as well as interest rates.
In addition to this, it will assist a company in correcting incorrect payments at a discount of fifteen percent.
This is not to mention the fact that you will not be subject to any additional costly penalties or interest, as well as a future audit, because of this reason. Utilize this technique to your benefit if you are the owner of a company that makes claims that are doubtful.
IRS’s claim withdrawal program
Taxpayers are also reminded by the Internal Revenue Service (IRS) of the fact that the claim withdrawal program is still available for companies that have a requirement for it.
For instance, if the claims for the Employee Retention Credit that your company has submitted have not yet been reimbursed.
For the purpose of providing assistance to companies that find themselves in this predicament, the Internal Revenue Service strongly recommends that these companies read over the eligibility requirements and warning indications.
Sometimes it is advisable to engage a reputable tax professional that the Internal Revenue Service recommends.
Make use of the Employee Retention Credit Eligibility Checklist in order to provide the Internal Revenue Service with suggestions for the next measures to take.