The IRS has introduced a Voluntary Disclosure Program for businesses wanting to return erroneously claimed Employee Retention Credit (ERC) funds. This initiative, in response to misleading ERC claims, allows repayment of 80% of the received amount and runs until March 22, 2024.

To qualify for this program, the employer must provide the IRS with the names, addresses and telephone numbers of any advisors or tax preparers who advised or assisted them with their claim and details about the services provided.