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The IRS reopened the Voluntary Disclosure Program for the Employee Retention Credit through November 22 to help businesses correct improper payments at a 15% discount and avoid future audits, penalties and interest. The IRS urges businesses that received Employee Retention Credit payments to recheck eligibility requirements and consider the reopened program.
The IRS also announced plans to mail up to 30,000 letters to reverse or recapture potentially more than $1 billion in improper ERC claims.
Businesses with pending, unpaid ERC claims should consider the ERC Claim Withdrawal Program that allows them to remove a pending ERC claim – one that the IRS has not processed yet.
MORE IRS TAX UPDATES AS OF SEPTEMBER 2024:
Business Tax Account has new options for easier payments
The IRS continues to expand the features within Business Tax Account (BTA), an online self-service tool for business taxpayers.
With the latest expansion, an eligible business taxpayer can use BTA to pay federal tax deposits, see their balance and make a payment on their full balance due – all in one place. The account is now accessible in Spanish with more translations planned.
To set up a new Business Tax Account or get more information visit Business Tax Account.
Reminder for truckers of tax deadline Sept. 3
The IRS reminds small business taxpayers who operate large trucks and buses of the deadline for filing Form 2290, Heavy Highway Vehicle Use Tax Return, is Tuesday, Sept. 3, for vehicles used in July 2024. The usual Aug. 31 deadline is delayed until the next business day because it falls on a Saturday this year.
New coalition combatting scams and schemes
A coalition representing the IRS, state tax agencies and tax industry partners announced a new joint effort to combat the growth of scams and schemes threatening taxpayers and tax systems.
The new task force is called the Coalition Against Scam and Scheme Threats (CASST).
The combined effort will improve defenses across private and public sectors with a goal of making it harder for scammers to slip improper or false tax returns through the system.
Teachers eligible to deduct up to $300 in classroom expenses for 2024
The federal deduction for classroom expenses applies to educators again in 2024, the IRS announced this week. Federal law permits educators to deduct the cost, up to $300, of supplies and other classroom necessities that they buy themselves.
Child and Dependent Care tax credit helps offset summer day camp costs
The Child and Dependent Care tax credit may be applied to summer day camp expenses, according to the IRS. Publication 503, Child and Dependent Care Expenses, provides a detailed explanation of all the regulations, the requirements to apply for the credit and an exception for certain taxpayers who live apart from their spouse.