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IRS ERC Voluntary Disclosure Program Explained
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Overview
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The Employee Retention Credit (ERC) program, introduced during the COVID-19 pandemic, is now being offered as the ERC Voluntary Disclosure Program (ERC-VDP) by the IRS. This program allows employers to repay the credit at a reduced rate, waiving penalties and interest. Employers who claimed and received an ERC refund for a quarter but were not eligible can now opt for the ERC-VDP. The IRS is also issuing letters proposing adjustments to tax for 20,000 employers.
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How does the introduction of the ERC-VDP reflect the evolving approach of the IRS towards tax relief programs for businesses?
How might the ERC-VDP impact the financial decisions of employers who claimed and received an ERC refund?
What measures are in place to ensure the integrity of the ERC-VDP and prevent misuse?
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