The Employee Retention Tax Credit — a policy meant to encourage business owners to keep staff during the COVID-19 pandemic — applied only to wages paid before Oct. 1, 2021, so you can’t claim it on your 2022 tax return.
You might qualify for the ERTC if your business was ordered to fully or partially close in 2020 or 2021, or if your revenue compared to 2019 decreased by more than 50% in 2020 or more than 20% in 2021.about whether you qualify. Hylton notes, too, that there were “significant delays” in processing ERTC applications last year.
The tax credit phases out for businesses with 51 to 100 employees. It previously covered 50% of retirement plan startup costs.
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