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Tax Notes: Tax Community Would Welcome ERC-Specific Voluntary Disclosure

June 1, 2023

Kevin Sweeney quoted in Tax Notes article

Tax Notes

In a Tax Notes article that published on May 30, 2023, Philadelphia-based Shareholder Kevin Sweeney provides insight on the potential benefits of the IRS creating a voluntary disclosure program tailored to resolving improper employee retention credit claims.

Sweeney explains that tax professionals would welcome the program because of the large amount of ERC noncompliance. “Terms specific to the ERC would allow tax lawyers and accountants to give clients a clearer picture of the likely results of disclosure than what is possible under the IRS’s general voluntary disclosure practice,” said Sweeney.

He also pointed to the time-limited nature of ERC claims as a reason for a specific voluntary disclosure program, adding that escalating penalty provisions could help drive taxpayer uptake.

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