Tax
Feb. 8, 2024
Opting for IRS self-reporting: a smoother path for ill-gotten pandemic funds
The IRS is offering conditional partial amnesty for improperly-claimed employee retention tax credits. Companies should consider it.
Selwyn D. Whitehead
Founder
The Law Offices of Selwyn D. Whitehead
The Internal Revenue Service (IRS) offers a "conditional partial amnesty" to ineligible firms who received the popular Employee Retention Tax Credit if and only if they snitch on themselves, as well as others involved in obtaining the funds. Firms must also return 80% of the refunds received.
The IRS informed the public that any employer taxpayer who received the popular pandemic-relief tax credit can return 80% of the money and escape mos...
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