The Internal Revenue Service announced new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic.
The Voluntary Disclosure Program runs through March 22, 2024, with the IRS adding provisions that allow repayment of 80% of the Employee Retention Credit claim received.
It’s been a busy year at the FICPA, but no matter what project or initiative we’re focused on, we never lose sight of the big picture: Supporting our members and promoting the profession.