Status of the ERC in 2023 – What Business Owners Need To Know
- Home / Business Litigation /
- Status of the ERC in 2023 – What Business Owners Need To Know
January 6, 2023
If you’re the owner of a small business, by now, you may have heard of the Employee Retention Credit, also known as the ERC or the ERTC. But you might have also believed that you needed to apply for the tax credit before the end of 2022 and not know the current status of the ERC in 2023.
Thankfully, there is still time for many businesses to take advantage of this great program, but it’s best to look into the credit as soon as possible. A team of attorneys, like the ones at Phillips Law Group, can help you get started.
But first, to summarize: the Employee Retention Tax Credit is a fully refundable payroll tax credit that businesses can claim on qualified wages paid to their employees. If your business experienced significant setbacks during the height of the COVID-19 pandemic, but you continued to employ W2 staff, you may qualify for this credit and could receive up to $26,000 per employee.
Although you can apply for this tax credit on your own as a business owner, having an attorney with experience in ERC claims on your side is not a bad choice. They can help you apply for the credit before crucial deadlines and earn the money you and your business deserve.
There are a couple of deadlines for filing an ERC claim, based on your quarterly payroll tax filings. For all quarters in 2020, the deadline to apply for the ERC is April 15, 2024, and for all quarters in 2021, the deadline is April 15, 2025. Basically, businesses can still conduct a look back to figure out if wages paid after March 12, 2020, through the end of the program are eligible.
The confusion surrounding deadline dates and the status of the ERC is one reason why having a team of attorneys – like the ones at Phillips Law Group and our partners – on your side to apply for the program may be a wise choice for you and your business.
Our team can help give you the best chance at getting the highest potential tax credit refund – an amazing incentive for American business owners who kept their employees on staff even as they were greatly impacted by the pandemic.
You still have time to determine if your business is retroactively eligible for the ERC. But it’s not a great idea to wait until the very end and stress over the deadline, especially when the team at Phillips can handle the process for you while you get back to all of the other tasks you need to attend to as a small business owner.
Our team can collect all the necessary documentation to qualify for the Employee Retention Tax Credit on your behalf. There are no upfront fees – you only pay us if we win an ERC recovery check for you.
We are committed to helping you claim the tax incentives your business is eligible for, including the ERC. Contact Phillips Law Group today to see how we can help!
Free Case Evaluation
Your message has been sent
Thank you for your message, we will get back to you soon.
Great company and awesome service. Thanks Caroline fabos. Kudos to all.
Sophia H is very helpful.
Liz was great
Positive: Professionalism, Quality, Responsiveness, Value As someone who is familiar with the inner workings of the auto insurance industry I can whole heartedly endorse Steven J. Jones and Phillips law group as someone I would want on my side should litigation take place. They handled my case professionally, honestly, and with satisfactory results which I would not have expected without enlisting their help.
Thank you Phillips Law Group for all the support and back to school assistance we appreciate it.
Phillips law group is a great firm! Caroline is great.
Phillips Law Group has a proven track record of success. Juan Roque, in particular, is integral to that. He works with integrity, compassion, and an undefeated optimism that makes him a valuable asset.
Great experience! Took care of pretty much everything, and I always felt like I want in good hands. Caroline Fa. was also a great help with everything. She always returned my calls and I never felt unheard. Even after my case she would still help me with my insurance documents.
I want to thank attorneys Tim and Robert and the paralegal Bethany for all they had done on my case. They were all empathetic, knowledgeable and professional. All my questions were answered, emails returned in a timely matter, and promises fulfilled. I recommend Phillips Law Group if you need help with your injury case.