The IRS has announced the details of a special withdrawal process to help those who filed an employee retention credit (ERC) claim and worry about its accuracy.
This new withdrawal option allows certain employers who filed an ERC claim but have not yet received a refund to withdraw their submission and avoid future repayment, interest and penalties.
Employers who submitted an ERC claim that is still processing can withdraw their claim and avoid the possibility of getting a refund for which they are ineligible.
The IRS created the withdrawal option to help small business owners and others pressured or misled by ERC marketers or promoters into filing ineligible claims. Read more.