The ERC application deadline is April 15, 2024, for all quarters in 2020. The application deadline is April 15, 2025, for all quarters in 2021. Business owners can look at their payroll tax filings to determine if they paid qualifying wages during the affected periods. Tipped wages are not included in the calculation.

Rules have Changed for ERTC Filings

Although the IIJA (Infrastructure Investment and Jobs Act) has changed some of the details around the ERTC, it still maintains the underlying structure of the program. This includes expanding the category of employers that can claim the credit to include recovery start-up businesses. However, the IIJA also changes some of the criteria that must be met to claim the credit. For example, the definition of a qualified period was changed from being fully or partially suspended by a government order. In addition to various qualifying criteria. Despite these changes, it’s likely that most business owners will be able to claim the credit.

How Long Does It Take to Find Out My Rebate Amount?

The best way they can get started on the process is to gather all required documentation right away, as it can take months (we get it done in 14 days) to build an ERTC refund claim. Once they submit their tax amendment to the IRS, it can then take another six to nine months for the IRS to process and deliver a refund check. The turnaround time for amended returns from the IRS is much faster than when a business files an original return. It’s crucial that eligible businesses have ERTC tax professionals assist with preparing Form 941-Xs and ensuring all the required documentation is in place.

Your Business Needs Professional US-based CPA Specialists to File Your Claim

If you are an eligible business and need help determining eligibility or preparing your 941-Xs, contact us today. Our team of experienced and knowledgeable accountants can help you navigate the process so that your company can claim the credit it deserves. We specialize in companies with complex issues. We can work with you to understand how the various rules and regulations impact your business so that you can make informed decisions. Our CPAs help you develop a return based on IRS guidelines and maximize your cash flow. We can eliminate the difficulty navigating complex tax regulations, lack of time and resources to research and implement tax credit strategies, and fear of missing out on potential savings. Our services provide a hassle-free experience, expert guidance, maximum tax credit benefits, and peace of mind knowing they have complied with regulations and optimized their savings.

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