ERTC Repeal Act of 2024

This bill repeals the ability to claim or refund the Employee Retention Tax Credit (ERTC) after January 31, 2024, requiring all claims to be filed by that date (Section h). It increases penalties for tax professionals or promoters who helped businesses improperly claim ERTC refunds, including fines up to $200,000 per violation and treating failure to follow due diligence rules as proof of intent (Sections a, b, c, d). The bill also extends the IRS's assessment period for ERTC claims to six years from the latest filing date (Section i), ensuring the agency has more time to review disputed claims. These changes primarily affect businesses seeking ERTC refunds and tax professionals advising on such claims.