Businesses and tax-exempt organizations are getting more time to return the pandemic-era tax credit they wrongly claimed.
The IRS is reopening its voluntary disclosure program through Nov. 22, allowing those that erroneously claimed the employee retention credit to come forward and give 85% of it back, the IRS announced Thursday.
The voluntary disclosure program was first opened in December 2023 to give some relief to taxpayers that were caught in the wave of third-party companies conning businesses to claim or over-claim the credit when they didn’t qualify.
- At the time, the terms of the program included paying back 80% of …
