Approaching IRS Deadline for ERTC Program, Unclaimed Millions in Potential Refunds
The Employee Retention Tax Credit (ERTC), a crucial source of pandemic-era tax relief for American businesses, is nearing its end. With only weeks left to apply, the Economic Recovery Center is urging all U.S.-based businesses to take immediate action to secure potential rightful tax refunds.
Introduced by the Trump administration in response to the COVID-19 pandemic, the ERTC is not a loan but a temporary tax law adjustment that entitles eligible businesses to a refund of overpaid taxes. Companies that were operational in 2020 or 2021, even those that have since shut down, may qualify for this relief, provided they experienced a decline in revenue or operational disruptions due to COVID-19.
Chase Henderson, President of the Economic Recovery Center, strongly advocates that all businesses, at a minimum, obtain a no-cost qualification analysis. He believes that many U.S.-based businesses, particularly small and medium-sized ones, could be missing out on substantial refunds, in some cases up to $20,000 per employee.
The qualifications for the ERTC are complex and have consistently changed since its launch. Eligible businesses include private-sector businesses or tax-exempt organizations that experienced either a full or partial suspension of operations due to government COVID-19 orders or a significant decline in gross receipts. Recovery startup businesses that began after February 15, 2020, with average annual gross receipts not exceeding $1 million may also qualify.
It's important to note that the ERTC differs from other pandemic relief efforts like the Paycheck Protection Program (PPP) and COVID-EIDL loans, as it is a refund based on previously filed payroll taxes. Unclaimed ERTC funds will be redirected to other federal programs once the April 15 deadline passes.
The deadline for small and medium-sized businesses to claim the ERTC is April 15, 2025. The Economic Recovery Center is urging all business owners to seek a qualification review before the ERTC program closes permanently on the same date. With more than half of eligible businesses yet to file for the COVID-era tax refund, potentially leaving billions of dollars unclaimed, it's a call that cannot be ignored.
Don't let your business miss out on this valuable opportunity. Act now and secure your potential tax refund before it's too late. For more information and to start your no-cost qualification analysis, visit the Economic Recovery Center's website today.
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