Upcoming Employee Retention Credit Webinar by IRS on Feb. 8: Updates on Voluntary Disclosure Program and Moratorium to be Provided
On Thursday, Feb. 8 at 2 p.m. EST, the Internal Revenue Service will be hosting a free ERC Voluntary Disclosure Program webinar as a means to educate and inform individuals about the Employee Retention Credit (ERC). This is part of their continuous efforts to raise awareness about the ERC.
The main topic of the webinar will be the 75-minute duration:
How to apply for the ERC Voluntary Disclosure Program and who is eligible to participate.
The benefits of the program and the steps following the application process.
Information on the resources provided by the IRS for the ERC.
The webinar is mainly geared towards tax professionals who can gain one CE credit by participating. However, it may also be beneficial for others who are interested in the topic, such as employers who are looking into ways to address a false ERC claim that has been processed and paid. The session will also have a live Q&A portion. To attend, individuals must register for the Employee Retention Credit Voluntary Disclosure Program webinar at the provided link.
Ensuring taxpayer protection
In December, the ERC Voluntary Disclosure Program was introduced as a component of the IRS's initiative to assist employers who were deceived by false advertising and incorrect information regarding their eligibility for the ERC. This program allows employers to return funds they received after mistakenly filing for ERC claims. The main advantage of this program is that they are only required to repay 80% of the ERC.
To safeguard small business owners and organizations from fraudulent activity, the IRS implemented a moratorium in September to halt the processing of new claims for the Employee Retention Credit. This decision was made following a surge of questionable claims and concerns raised by tax professionals.
Withdrawal of ERC Tokens
The ERC withdrawal initiative launched in October is still active and provides individuals with the opportunity to withdraw a potentially invalid claim that has not yet been processed or paid. This initiative was implemented by the IRS to assist small business owners and others who may have been influenced or deceived by ERC marketers or promoters into submitting ineligible claims. Withdrawn claims will be treated as if they were never submitted, and no penalties or interest will be imposed by the IRS.
To assist businesses in understanding the complex guidelines surrounding the Employee Retention Tax Credit (ERTC), also known as the ERC, the IRS has compiled specific information on ERC eligibility. This includes a list of frequently asked questions (FAQs) about the credit, which can be found at:
Additionally, businesses can access an interactive tool or a printable guide:
This tools can aid in determining their eligibility. The interactive tool offers a simple and interactive method for businesses to assess their eligibility.
For information on upcoming webinars, please refer to the Webinars for Tax Practitioners page located on IRS.gov.
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Disclaimer: This article is for informational and educational purposes only and does not constitute legal tax advice. Advanced Tax Solutions is not liable or responsible for any damages resulting from or related to your use of this information. It is your responsibility to refer to official IRS documentation for information regarding any tax laws or tax information shown here.
