IRS to offer an Employee Retention Credit webinar on Feb. 8; provide updates on Voluntary Disclosure Program, moratorium

WASHINGTON — As part of an ongoing process to educate and inform people about the Employee Retention Credit (ERC), the Internal Revenue Service will host a free ERC Voluntary Disclosure Program webinar on Thursday, Feb. 8 at 2 p.m. EST.

The 75-minute webinar will focus on:

• Who can participate and how to apply for the ERC Voluntary Disclosure Program.
• The advantages of the program and what happens after applying.
• ERC resources available from the IRS.

Though primarily aimed at tax professionals, who can earn one continuing education (CE) credit for participation, the webinar may also be useful to others interested in this topic, such as employers who are exploring options to resolve an inaccurate ERC claim that was processed and paid. The webinar also includes a live question-and-answer session. Those who want to attend need to register for the Employee Retention Credit Voluntary Disclosure Program webinar.

Protecting taxpayers

The ERC Voluntary Disclosure Program, announced in December, is part of a larger effort at the IRS to help employers who were misled by aggressive marketing and misinformation around ERC eligibility. The program helps employers who want to pay back the money they received after filing ERC claims in error. The key benefit of the program is that they only have to pay back 80% of the ERC.

Earlier, the IRS introduced a moratorium on processing new ERC claims in September to protect small business owners and organizations from scams.

ERC withdrawal

A special ERC withdrawal initiative announced in October is still available. It offers the option to withdraw a questionable claim that has not yet been processed or paid. The IRS created it to help small business owners and others who were pressured or misled by ERC marketers or promoters into filing ineligible claims. Claims that are withdrawn will be treated as if they were never filed. The IRS will not impose penalties or interest.

For more information on ERC eligibility, the IRS has prepared special information to help businesses understand the complex guidelines about the credit, sometimes referred to as the Employee Retention Tax Credit or ERTC. The special information includes ERC frequently asked questions and the ERC Eligibility Checklist, which is available as an interactive tool or as a printable guide. The interactive tool provides an easy, interactive way for businesses to check their eligibility.

To learn about other upcoming webinars, visit the Webinars for Tax Practitioners page on IRS.gov.