We use cookies to personalise the website and offer you the greatest added value. They are, among other purposes, used to analyse visitor usage in order to improve the website for you. By using this website, you agree to their use. Further information can be found in our data privacy statement.



Employee Retention Credit - Voluntary Disclosure Program

PrintMailRate-it
Foreign Informational Reporting.jpg

Rödl & Partner Tax Matters Volume 2024-1published January 16, 2024


In December 2023, the IRS announced a new Voluntary Disclosure Program (“VDP”) for taxpayers that claimed and received Employee Retention Credits (“ERCs”) but subsequently discovered they were ineligible for the credits.


The VDP is open through March 22, 2024, and requires repayment of 80% of the ERCs received (allowing taxpayers to retain 20%). 


More information, including FAQs, details on eligibility, and application requirements can be found at https://www.irs.gov/coronavirus/employee-retention-credit-voluntary-disclosure-program


If you have questions about your eligibility for ERCs or how to participate in the VDP, please contact your local Rödl and Partner representative.



This publication contains general information and is not intended to be comprehensive or to provide legal, tax or other professional advice or services. This publication is not a substitute for such professional advice or services, and it should not be acted on or relied upon or used as a basis for any decision or action that may affect you or your business. Consult your advisors. The fact that you have received this publication does not create an accountant-client or advisory relationship between you and Rödl Langford de Kock LLP or any of its subsidiaries or affiliates. If you wish to hire Rödl Langford de Kock LLP or any of its subsidiaries or affiliates you will need to speak with one of our accountants and enter into a written agreement establishing the scope of engagement. We have made reasonable efforts to ensure the accuracy of the information contained in this publication, however this cannot be guaranteed. Neither Rödl Langford de Kock LLP nor any of its subsidiaries nor any affiliate thereof or other related entity shall have any liability to any person or entity which relies on the information contained in this publication, including, but not limited to, incidental or consequential damages arising from errors or omissions. Any such reliance is solely at user’s risk. Any tax and/or accounting information contained herein is based on our understanding of the facts and assumptions we have been asked to make for the purpose of this publication alone, and on the tax laws and/or accounting principles in effect as of the date of this advice. No assurance is given that the conclusions would be the same if the facts or assumptions change, or are not as we understand them, or that the tax laws and/or accounting principles will not change subsequent to the issuance of these conclusions. In addition, we do not undertake any continuing obligation to advise on future changes in the tax laws and/or accounting principles, or of the impact on the conclusions herein. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Rödl Langford de Kock LP.

Copyright © December 2024 Rödl Langford de Kock LP
All rights reserved. 


Contact

Lauren Edson

CPA

Partner

+1 312 857 1950

Send inquiry

Profile

Contact Person Picture

Deutschland Weltweit Search Menu