Revenue recently released the below eBrief outlining how the TWSS reconciliation works.
Temporary Wage Subsidy Scheme (TWSS) Reconciliation
TWSS operated from 26 March to 31 August 2020. The scheme provided a vital support to 66,500 employers in respect of 664,000 employees, during the first months of the COVID-19 restrictions.
Reconciliation is the final phase in the TWSS programme. It will ensure that there is an accurate reconciliation between the:
- subsidy amounts paid by Revenue to employers
- subsidy amounts that were properly payable to employers for relevant employees and paid to those employees.
The purpose of this eBrief is to advise practitioners that Revenue has now provided TWSS reconciliation information to most employers who participated in the scheme. These employers have received a notification directly to their Revenue Online Service (ROS) inbox advising them that this information is now available, including their reconciliation balance. The reconciliation balance is calculated using the actual information provided to Revenue by employers.
Employers have until 30 June 2021 to review their TWSS reconciliation information, provide any outstanding information in relation to subsidies paid to employees, and accept the reconciliation balance on ROS.
In the exceptional circumstance where an employer believes that the information he or she previously provided is incorrect, and that the reconciliation balance is therefore incorrect, he or she should review the subsidy paid data previously submitted and make any corrections required. This will result in a revised reconciliation balance, which will be immediately available in ROS.
A small number of employers who participated in TWSS have not yet been provided with their reconciliation information. These are mainly employers with whom Revenue has open queries related to their participation in the scheme. There are also some cases where Revenue is working with employers to finalise details of their subsidy amounts. Employers in these categories will have already received correspondence from Revenue and should monitor their MyEnquiries correspondence and respond to any outstanding issues. (Source: Revenue)
All the best,
The Team at Jefferson