Firm Partner, Mary E. Wood was quoted in a Tax Notes article published today, December 22, 2023 titled "IRS Launches ERC Voluntary Disclosure Program."

Firm Partner, Mary E. Wood was quoted in a Tax Notes article published today, December 22, 2023 written by Lauren Loricchio, titled "IRS Launches ERC Voluntary Disclosure Program."

Amidst the the recent audits and compliance efforts regarding the Employee Retention Credit (ERC), the IRS announced yesterday it is offering a new voluntary disclosure program for employers that received ERC refunds for which they weren’t eligible. As part of this program, businesses that opt in can keep 20% of the credit they claimed in case they paid a contingency fee to a promoter. ERC recipients who believe they were misled by promoters should review these programs depending on their situation.

Ms. Wood said that, "the IRS’s voluntary disclosure programs have historically been very successful and that, given the IRS’s concern regarding alleged rampant abuse of the ERC program, it’s not surprising to see those efforts extend into this area."