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NEW YORK ~ Businesses across the United States have been facing unprecedented challenges due to the COVID-19 pandemic. To help alleviate some of the financial burden, the IRS has introduced the Employee Retention Credit (ERC). This refundable tax credit is designed to assist businesses that have been affected by the pandemic and is available for employers who continued to pay employees while either shut down due to COVID-19 or experienced substantial declines in gross receipts between March 13, 2020, and December 31, 2021.
Better Business Advice, a leading business tax advice website, has published comprehensive guidance on the latest deadlines for filing ERC claims. As of June 2023, businesses can still file ERC claims for 2020 and 2021. The deadline for ERC claims for all quarters in 2020 is April 15, 2024. For all quarters in 2021, ERC claims must be filed by April 15, 2025.
In 2020, businesses had the potential to receive up to $5,000 per employee through this credit while in 2021 this amount increased to $7,000 per employee per quarter. These substantial figures underscore the extensive support available through the ERC. When filing for the ERC it is important to understand these deadlines and submit claims as soon as possible as they are processed in order of receipt.
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To get ahead of these deadlines Better Business Advice recommends booking a call with Omega Tax Credits team who can undertake a detailed eligibility assessment and file all relevant documents with the IRS - helping businesses reliably claim up to $26,000 per employee from the IRS.
Businesses should note that certain limitations apply when claiming this credit such as wages reported as payroll costs for PPP loan forgiveness or certain other tax credits cannot be claimed for the ERC in any tax period. Consulting with an expert or reading up on latest IRS policies is advisable for businesses uncertain about their eligibility before submitting their claim.
The Employee Retention Credit provides an invaluable opportunity for businesses affected by COVID-19 to receive financial support from the IRS during these challenging times and it is important that they take advantage of this before it's too late.
Better Business Advice, a leading business tax advice website, has published comprehensive guidance on the latest deadlines for filing ERC claims. As of June 2023, businesses can still file ERC claims for 2020 and 2021. The deadline for ERC claims for all quarters in 2020 is April 15, 2024. For all quarters in 2021, ERC claims must be filed by April 15, 2025.
In 2020, businesses had the potential to receive up to $5,000 per employee through this credit while in 2021 this amount increased to $7,000 per employee per quarter. These substantial figures underscore the extensive support available through the ERC. When filing for the ERC it is important to understand these deadlines and submit claims as soon as possible as they are processed in order of receipt.
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To get ahead of these deadlines Better Business Advice recommends booking a call with Omega Tax Credits team who can undertake a detailed eligibility assessment and file all relevant documents with the IRS - helping businesses reliably claim up to $26,000 per employee from the IRS.
Businesses should note that certain limitations apply when claiming this credit such as wages reported as payroll costs for PPP loan forgiveness or certain other tax credits cannot be claimed for the ERC in any tax period. Consulting with an expert or reading up on latest IRS policies is advisable for businesses uncertain about their eligibility before submitting their claim.
The Employee Retention Credit provides an invaluable opportunity for businesses affected by COVID-19 to receive financial support from the IRS during these challenging times and it is important that they take advantage of this before it's too late.
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