The IRS recently announced a withdrawal process for ERC claims to help those who filed an Employee Retention Credit (ERC) claim and are concerned about its accuracy.
This new withdrawal option allows certain employers that filed an ERC claim but have not received a refund to withdraw their claim and avoid future repayment, interest and penalties.
Employers that submitted an ERC claim that’s still being processed can withdraw their claim and avoid the possibility of getting a refund for which they’re ineligible.
For more information on who qualifies and how to withdraw an ERC claim refer to: IRS.gov/withdrawmyERC.
Resources for help
Fact Sheet 2023-24 contains more details about the ERC withdrawal process.
Updated Frequently asked questions about ERC with new questions and answers.
For information about choosing a trusted tax professional.
Employee Retention Credit: Latest information on the moratorium and options for withdrawing or correcting previously filed claims, will be available on the IRS Video Portal later this month.
Check IRS.gov/ERC for updates and other information relating to ERC.
Lisa Smith, SPHR, SCP
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