Travis, Here Are Your Articles for Wednesday, September 14, 2022
Is this email not displaying correctly?
View it in your browser .
Our Website Philosophy Services Contact Our Website
Share Save

Employee Retention Credit: Over but Not Done

 

The federal government's Employee Retention Credit proved to be a lifeline for many businesses and their employees. The eligibility rules were complex and changed over time, as noted in an extensive IRS chart. Not all owners may have been able to figure out whether they were eligible; however, the IRS is giving them a break: Even though the program has ended, employers are still able to file for tax relief retroactively.

According to the IRS, most taxpayers became ineligible to claim the ERC for wages paid after Sept. 30, 2021. (A recovery startup business can still claim the ERC for wages paid after June 30, 2021, and before Jan. 1, 2022.) However, companies have three years to claim benefits they're entitled to.

The key is Instructions for Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund. It's a complicated form, but it clearly notes, "Generally, you may correct overreported taxes on a previously filed Form 941 if you file Form 941-X within 3 years of the date Form 941 was filed or 2 years from the date you paid the tax reported on Form 941, whichever is later."

The bottom line? If you haven't been sure whether you were eligible for the ERC during its open period, you have some breathing room to see if you are retroactively entitled. Don't leave the money sitting on the table any longer; contact a financial professional experienced in the law's many nuances as soon as possible to make sure you get every dollar you're entitled to.

 

 
Share Save

Your Comments

Layton Layton & Tobler LLP, CPAs
-
Layton Layton & Tobler LLP, CPAs
606 South Ninth Street
Las Vegas, NV 89101
Tel: 702-384-1995
info@lltcpa.com
Follow Me on Twitter
Saved Articles
Comments and Feedback
Refer A Friend
Your Privacy
Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
Powered by
Copyright © IndustryNewsletters All rights reserved.

This email was sent to: travisb@ignitelocal.com

Mailing address: 606 South Ninth Street, Las Vegas, NV 89101