ERC Deadline (August 2023): Employee Retention Credit Deadline Information Published by Better Business Advice
NEW YORK–(BUSINESS WIRE)–Better Business Advice has published updated guidance on the latest Employee Retention Credit (ERC) tax deadlines for businesses as of August 2023.
As of August 2023, businesses can still file ERC claims for 2020 and 2021. Generally, the deadline for ERC claims for 2020 tax periods is April 15, 2024. For 2021 tax periods, the ERC deadline is April 15, 2025.
For business owners looking to claim the maximum ERC they qualify for, Better Business Advice recommends BottomLine Concepts and Omega Tax Credits. Their specialized teams undertake a detailed ERC eligibility assessment for each business and file all relevant documents with the IRS – helping businesses reliably claim up to $26,000 per employee from the IRS.
BottomLine Concepts specialize in maximizing the ERC program for small and medium-sized businesses. Schedule an ERC Introduction call with their dedicated experts to determine qualification and eligibility.
Alternatively, click here to book a 10 minute call with the Omega Tax Credits team to determine eligibility and get ahead of the ERC deadlines.
ERC is a stimulus program designed to help those businesses that were able to retain their employees during the Covid-19 pandemic. Established by the CARES Act, it is a refundable tax credit – available to both small and mid-sized businesses. It is based on qualified wages and healthcare paid to employees.
For the 2020 calendar year businesses can claim up to $5,000 per employee. In 2021, the credit amount can be up to $7,000 per employee per quarter.
Deadlines for ERC Claims
- For Q1-Q4 2020: ERC claims must be filed by April 15, 2024.
- For Q1-Q4 2021: ERC claims must be filed by April 15, 2025.
To qualify, a business must have been impacted in any of the following ways:
- Sustained a full or partial suspension of operations limiting commerce, travel or group meetings due to COVID-19 and orders from an appropriate governmental authority or
- Experienced a significant decline in gross receipts during 2020 or a decline in gross receipts during the first three quarters of 2021 or
- Qualified in the third or fourth quarters of 2021 as a recovery startup business.
To get ahead of the ERC deadlines, Better Business Advice recommends checking qualification with BottomLine Concepts or booking a call with the Omega Tax Credits team to determine eligibility and start the ERC filing process.
To read the full Better Business Advice ERC deadline guidance, click here.
About Better Business Advice: Better Business Advice is a leading business advice website dedicated to helping entrepreneurs and businesses succeed. As an affiliate, Better Business Advice may earn commissions from services mentioned in the links provided. The information provided by Better Business Advice does not, and is not intended to, constitute legal advice; instead, all information, content, and materials are for general informational purposes only.
Contacts
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