Michael O'Reilly

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New Jersey Daycare Centers Accountants Said They Didn’t Qualify: Get a 2nd Opinion Before ERTC Deadlines

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If you are considering claiming the ERTC, get a 2nd opinion before the ERTC deadline hits. It is essential to ensure you are eligible. There are several eligibility requirements and filing deadlines, including:

1. Your business must have experienced a significant decline in revenue due to the pandemic.

2. You must have paid your employees at least 80% of their regular wages during the covered period.

3. You must have maintained your employees' health insurance coverage during the covered period.

Getting a Qualified 2nd Opinion Will Ease Any Misinformation

Suppose you are unsure whether you are eligible for the ERTC, consult a tax professional. Claim Your ERC Recovery, LLC can review your situation and help you determine your eligibility for the credit.

In addition to determining your eligibility, US-based CPAs can help you calculate the amount of the ERTC you are eligible for. The amount of the ERTC you can claim is based on the number of employees you retained and the wages you paid them during the covered period.

If your tax professional said you don’t qualify, you might consider getting a second opinion from Claim Your ERC Recovery, LLC. Third-party and fly-by-night tax preparers have been known to make mistakes when claiming the ERTC, so it is important to have a second set of eyes review your claim.

Here are some of the benefits of getting a second opinion on your ERTC claim:

1. You can be sure that your claim is accurate and that you are not claiming a credit that you are not eligible for.

2. You can avoid potential penalties from the IRS if your claim is incorrect.

3. You can get peace of mind knowing that your claim is being reviewed by 3 qualified professionals.

If you are considering getting a second opinion on your ERTC claim, you should start by talking to Claim Your ERC Recovery, LLC. We have qualified tax professionals who can review your claim.

The deadlines for claiming the Employee Retention Tax Credit (ERTC) vary depending on the quarter in which you paid qualified wages.

  • For quarters in 2020: The deadline to claim the ERTC for quarters in 2020 is April 15, 2024.
  • For quarters in 2021: The deadline to claim the ERTC for quarters in 2021 is April 15, 2025.

It is important to note that these are the deadlines for filing your original ERTC claim. If you need to amend your claim, you will have an additional three years to do so.

For example, if you paid qualified wages in Q4 2020, you have until April 15, 2024, to file your original ERTC claim. However, if you need to amend your claim, you have until April 15, 2027, to do so.

If you miss the deadline to file your ERTC claim, you may still be able to claim the credit, but you may have to pay penalties.

Here are some tips for ensuring that you meet the ERTC deadlines:

  • Start planning early: The ERTC is a complex tax credit, so it is important to start planning early. This will give you time to gather the necessary documentation and work with a tax professional to ensure your claim is accurate.
  • Set reminders: It is easy to forget about deadlines, so it is a good idea to set reminders yourself. You can do this by setting calendar reminders, creating a to-do list, or by using a tax preparation software program that can track deadlines for you.
  • Be organized: It is important to be organized when you are claiming the ERTC. This means keeping track of your payroll records, health insurance expenses, and any other documentation you will need to support your claim.

By following these tips, you can help ensure that you meet the ERTC deadlines and claim the credit correctly.