The first deadline is approaching for a potentially lucrative tax credit.
Small-business owners will start to see the window close on the potentially lucrative Employee Retention Credit this year. aimed at encouraging business owners to retain staff during the Covid-19 pandemic
But now, years after the ERC was created, opportunities to claim the credit will begin to fade away — at a time whenThe ERC is filed on a company's amended 941 tax form, which is filed quarterly. That means the credit's statute of limitations also falls off quarterly, according to Brent Johnson, co-founder of tax software and guidance firm Clarus Solutions.
"The last quarter an employer could potentially be eligible is the fourth quarter of 2021, and the statute of limitations for that quarter will expire on January 31, 2024. The statute of limitations for the third and fourth quarter of 2020 and the first, second, and third quarter of 2021 will expire on the last day of the month following the close of those calendar quarters.
the ERC to include up to 70% of $10,000 in qualifying wages per employee per quarter in 2021 for the first three quartersTo qualify, businesses needed to record a drop in revenue during 2020 and or the first three quarters 2021 compared to 2019, or they had to be operating under significant government restrictions, which includes many restaurants, daycares and other businesses.
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