March 8, 2024 Some promoters have shared misleading info with well-intentioned businesses about the Employee Retention Credit. You have limited time to fix an incorrectly filed ERC claim without penalties and interest. Signs your claim may be wrong: Claiming ERC for an entire quarter when your business was only suspended for a portion. Claiming ERC for more wages per employee than allowed. Relying on documents that are not government orders. Citing supply chain issues. Believing promoters who say there’s nothing to lose. Options to resolve incorrect ERCs: Voluntary Disclosure Program: Available through March 22, 2024, to repay improperly claimed ERC. This program lets you repay just 80% of the claim, among other benefits. Claim withdrawal: Ask the IRS not to process a pending claim.
