How to Repay ERC Money With NO Interest!
Audio version available here:
Length: approx. 1 min. 15 sec.
Following the IRS’s moratorium on new claims for the Employee Retention Credit, a withdrawal process was released primarily for business owners to exit the program before receiving any money. But what about those who have already received funds they may not be qualified for?
Those who were led into claiming Credit they may not deserve by aggressive promoters of the ERC are the latest subjects of the IRS’s ERC initiatives. The new voluntary disclosure program will allow business owners to repay money they have since realized to not be genuinely eligible for after being pressured by promoters to claim the Credit.
How does it work? In order to qualify for the program, business owners must apply by the March 22nd, 2024 deadline, and must otherwise be in good tax standing with the IRS. Additionally, applicants must provide names and contact information of the promoters who lured them into claiming the ERC in the first place. If accepted, they will only need to pay back 80% of the money owed with no interest or penalties attached. If the business owner cannot pay the full 80%, then they may qualify for installment payments with interest instead.
To apply, business owners must fill out and file Form 15434. For further details on applicant qualifications, read our source articles linked below. If you have questions and feel that you need the right guidance, please reach out to our experienced tax professionals. At XQ CPA, we are here for business owners like you.
Phone: 832-295-3353
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