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Employee Retention Tax Credit FAQs

The Employee Retention Tax Credit program has recently undergone some changes in how the IRS processes new claims, which has caused confusion for many. However, even though the program will be sunsetting soon, it is still available. Our team is here to offer assistance and provide clear answers to any questions you may have about new or existing claims. To help address any concerns, we have compiled a list of frequently asked questions below.

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ERTC FAQs

Is this the end of the ERTC?

No, not yet. While the program is sunsetting, you have through April 15, 2024, for qualifying 2020 quarters and April 15, 2025, for qualifying 2021 quarters, this really represents an effort by the IRS to reign in bad actors and false claims.

What is an ERTC Mill, and what to look out for?

An ERTC mill is a term used to describe illegitimate third-party tax or financial service providers that advise businesses to claim the Employee Retention Tax Credit, even if they aren’t qualified for it. How can a business identify an ERTC mill and avoid getting scammed? These third-party financial firms often make financial claims or promises before even looking at your company’s financial or payroll records. Sometimes they’ll send suspicious-looking letters or mailers that appear to come from the IRS. They may try to pressure you into signing documents without giving you enough time to read and review them. Often, they’ll fail to ask the right questions or even demand large fees upfront.

I've heard they are slowing down claims processing, what does that mean?

Claims submitted before the deadline may experience some delays but the good news is that much of the backlog has already been addressed. So, lead times won't be significantly longer than when the backlog was at its peak. Even if a new claim isn't addressed until 2024, that's really only around 30 days longer than what typical turnaround times have been.

What if I have concerns about an existing ERTC claim?

If you have a claim in process, talk with a licensed tax professional ASAP who can thoroughly evaluate your claim and ensure that it meets all compliance requirements. The good news is that the IRS is allowing businesses to withdraw any claims that could be deemed invalid or repay refunds they may have already received before potential penalties are applied. We are here to help, set up a 15-minute call with us today.

How can I evaluate my eligibility?

Talk to a licensed tax professional. A 15 minute conversation can help you determine whether or not you qualify to submit a claim. You can also take our ERTC Eligibility Assessment.

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ERTC Filing Changes

The IRS has changed how they process ERTC claims, which is a good thing. The IRS has taken steps to protect the taxpayer from ERTC Mills and ensure that the ERTC is available for legitimate claims. Learn more

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ERTC Mills have been taking advantage of small businesses and filing fraudulent claims. Here's what an ERTC Mill does and what to look out for. Learn More

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Does your business qualify for the ERTC? Here are 3 things you need to know to determine whether or not you should move forward with a new claim. Learn more

If you have ERTC questions, we can help

Whether you're exploring a new claim or have questions or concerns about an existing claim, we are here to help. Set up a 15-minute consultation with our team.

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