The ERC application window will start to close in 2023 - San Francisco Business Times

Small-business owners will start to see the window close on the potentially lucrative Employee Retention Credit this year. initially created to encourage business owners to retain staff during the Covid-19 pandemic

But now, more than two 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 once the deadline for an amended return passes, according to Brent Johnson, co-founder of tax software and guidance firm Clarus Solutions.

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.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The ERC application window will start to close in 2023 - Phoenix Business JournalThe Employee Retention Credit could mean thousands of dollars for small businesses, but 2023 will be an important year for those looking to maximize the tax credit. Here's why.
Source: phxbizjournal - 🏆 254. / 63 Read more »

Minimum wages, pay transparency will both be on the rise in 2023 - San Francisco Business TimesFrom increasing salary expectations to pay transparency pushes, pay was a big challenge in 2022. Experts say 2023 will bring more of the same.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »