Employee Benefits Blog

Taking the Off Ramp: IRS Opens Limited Program To Return Wrongly Received Employee Retention Credits

By Matthew P. Chiarello and Carlene Y. Lowry The IRS continues to evaluate and process Employee Retention Credit (“ERC”) claims with a focus on inaccurate and ineligible filings. Among its efforts to police the ERC program, the IRS announced a new initiative that permits taxpayers to return ERCs to which the employer is not entitled […]

January 26, 2024 | 3 min read | Tagged: deadline, employee retention credit, ERC, erc-vdp, IRS, penalty, retention, voluntary disclosure program, withdrawal

Matthew P. Chiarello Partner

A Running Start: IRS Pilots New Pre-Examination Program

The Employee Plans Office of the Internal Revenue Service (the “IRS”) announced a new pre-examination program for retirement plans to begin as of June 2022. The pilot program is designed to reduce the amount of time and resources the IRS expends on plan audits, while affording plan sponsors the opportunity to identify and correct errors. […]

June 22, 2022 | 2 min read | Tagged: audit, closing letter, EPCRS, IRS, IRS letter, new program, pilot program, pre-examination, qualified plan, retirement plans

Matthew P. Chiarello Partner