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    IRS Reopens ERC Voluntary Disclosure Program

    The ERC Voluntary Disclosure Program aids businesses in rectifying potential misclaims of the Employee Retention Credit, promoting transparency and compliance with IRS regulations. The IRS has recently announced a limited time reopening of the Employee Retention Credit (ERC) Voluntary Disclosure Program, creating a crucial opportunity for businesses that received ERC refunds for the 2021 tax period. This program enables eligible companies, not currently under investigation, to voluntarily return a portion of their ERC refunds, helping them sidestep penalties related to potential overclaims. Available until November 22, the ERC Voluntary Disclosure Program allows businesses to correct any inaccuracies in their payments at a 15% discount, thus avoiding potential audits, penalties, and interest. What is ERC Voluntary Disclosure

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    June 5, 2024
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    ERC Tax Credit Update

    Covid-19 StimulusThe “ERC” is the Employee Retention Credit, or ERTC (Employee Retention Tax Credit), initially announced by the IRS in 2020 to supplement businesses affected by Covid-19. At a high-level, the ERC credit would refund a portion of wages as an incentive for retaining employees during the U.S. economic shutdown in 2020 and 2021, however not double dipping with the PPP loan forgiveness. In this update, we do not provide the details regarding the qualifications, but note that the employer refund could potentially return as high as $26,000 per employee. Claim PositionsDue to the 3-year statute of limitations for 941 amendments, the ERC is now pertinent as the 2020 and

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    December 22, 2023
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    INSIGHTS & NEWS ARTICLES • CASE STUDIES • WHITE PAPERS • SOFTWARE Our resources are designed to support your journey, providing you with the tools and information you need to succeed. APPLIED Resources SEARCH Load More End of Content. TYPE Articles Case Studies Software White Papers Subscribe TAGS All Posts Accounting Compliance Corporate Tax International Tax People & Culture Private Tax Risk Advisory Strategy Tax Administration Technology Preparing Your Organization for Generative AI Integration October 4, 2024 Successful AI adoption requires more than just implementation. It demands strategic planning and governance to prepare the workforce and leverage… Read More IRS Reopens ERC Voluntary Disclosure Program June 5, 2024 The IRS

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    May 12, 2024
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    Accounting Technology

    The Future of Technology in Tax & Accounting
    Accounting software automates and streamlines various accounting tasks, such as financial reporting and budgeting, improving accuracy, reducing errors, and increasing efficiency. This allows accountants to focus on higher-level decision-making and strategic planning.
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