How Can Small Businesses Simplify the ERTC Compliance Process?

February 13, 2024
Dayes Law Firm

There are a few Employee Retention Tax Credit (ERTC/ERC) deadlines coming up soon that businesses that haven’t yet claimed the credit should note, especially because there is quite a bit of documentation involved in the application that business owners will want to be sure is accurate. There are a few ways to simplify the ERTC compliance process when preparing to submit an application for this important tax credit. 

How Small Businesses Can Simplify the ERTC Compliance Process

Businesses that experienced either a full or partial suspension of operations during certain tax quarters in 2020 and 2021 due to government orders as a result of the COVID-19 pandemic, or businesses that experienced a significant drop in gross receipts when compared to 2019, may be qualified to apply for the ERTC. 

Currently, for all quarters in 2020, the deadline to apply for the ERTC is April 15, 2024. For all quarters in 2021, the deadline is April 15, 2025.

The IRS has concerns about the degree of fraud in the program, leading to its potential early conclusion. In mid-September, IRS Commissioner Danny Werfel noted in an announcement, “The IRS is increasingly alarmed about honest small business owners being scammed by unscrupulous actors, and we could no longer tolerate growing evidence of questionable claims pouring in.” That led to a moratorium on claims being processed, although applications could still be prepared in the meantime.

Fortunately, there are a few ways to simplify the process to make sure your ERTC claim is compliant if you still want to try to get the credit for your business, although having more time rather than less would still be ideal. 

Since having substantial documentation of your ERTC eligibility is a big part of applying for the credit, you should make sure all of your records are well-documented and organized. This can include payroll records, proof of the impact of government shutdowns and regulations on your business operations, and more. 

You should always strive to have your business paperwork accurately completed and organized, but it’s particularly important when you will need to provide it for programs like tax credits and grants. The ERTC is just one example of a tax credit that you can more quickly make sure you have accurate information to apply for if you already have that information ready to go. 

You can be better assured of your ERTC compliance by working with a team of tax professionals on your Employee Retention Tax Credit claim, too. Dayes Law Firm, for instance, can help you with your claim if you qualify to apply for the tax credit. 

Working With Dayes Law Firm 

The Dayes Law Firm team has assisted businesses in filing for over $250 million in tax credit claims and our clients have already received over $25 million in funds for ERTC claims to date. We can likely help you too, even if there’s limited time left to make an ERTC claim that follows all compliance standards. 

Please call our firm at (800) 503-2000 today to learn more! We can offer a free, no-obligation consultation and discuss the unique needs of your business before ERTC deadlines arrive. By contacting us, you’ll have made an important first step in simplifying the ERTC compliance process, because we can handle much of the work on your behalf. 
Contact Dayes Law Firm today to see how we can help you and your business turn in a strong, accurate ERTC claim while you still can!