Offshore Account UpdatePosted in on January 31, 2024
The Internal Revenue Service (IRS) has opened a limited-time Voluntary Disclosure Program for businesses that need to correct improper Employee Retention Credit (ERC) filings. Under the IRS' ERC Voluntary Disclosure Program (ERC-VDP), eligible businesses can repay just 80 percent of their improper ERC refunds while avoiding liability for interest and penalties.
Read MoreOffshore Account UpdatePosted in on January 12, 2024
The Internal Revenue Service (IRS) announced on December 6, 2023, that it is sending an “initial round” of more than 20,000 disallowance letters to businesses that claimed the Employee Retention Credit (ERC). According to the IRS’ News Release, the letters are being sent to “entities that did not exist or did not have paid employees during the period of eligibility,” and they reflect the agency’s “increased scrutiny of ERC claims in response to misleading marketing campaigns that have targeted small businesses and other organizations.”
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