IRS News Release Details Results of ERC Disclosure and Withdrawal Programs

The IRS has issued a release outlining the results of both the voluntary disclosure program and the withdrawal process for erroneous employee retention credit (ERC) claims. The IRS has reported that the voluntary disclosure program has allowed the IRS to recover more than $225 million from over 500 taxpayers who filed erroneous ERC claims. The IRS also announced that another 800 VDP submissions are still being processed (and even more claims that were filed immediately before the deadline have not yet been accounted for). At least 1,800 entities decided to withdraw a combined $251 million in erroneous ERC claims through the claim withdrawal process. IRS criminal investigation (CI) continues to examine about $3 billion in questionable ERC claims. The IRS also announced that the VDP program, which technically closed March 22, could reopen at a later date. For more information on the COVID-era ERC, visit Tax Facts Online. : Q .