Not every business owner who is qualified to claim the Employee Retention Tax Credit (ERTC/ERC) even knows much about the program or how a business can be eligible to apply for the tax credit. It’s not a stretch to think that some small business owners may also not keep up to date with any changes to ERTC rules.
At Dayes Law Firm, we answer questions about the ERTC every day, so we came up with some tips for small businesses to stay informed about changes to the ERTC regulations.
What is the ERTC?
The Employee Retention Tax Credit is a fully refundable tax credit for businesses and tax-exempt organizations “available to eligible employers that paid qualified wages to some or all employees after March 12, 2020, and before January 1, 2022,” according to the IRS. It was implemented as part of the CARES Act – short for the Coronavirus Aid, Relief, and Economic Security Act – which was passed on March 27, 2020.
There have already been changes to the ERTC program since it began. For instance, the Consolidated Appropriations Act (CAA) extended the length of the ERTC program for the first time – through June 30, 2021 – before the American Rescue Plan Act of 2021 (ARPA) extended the Employee Retention Tax Credit again.
Then, the ERTC was extended through December 31, 2021, but the Infrastructure Investment and Jobs Act was later signed into law on November 15, 2021, and once again changed the dates of the ERTC extension. That legislation meant the ERTC applied to wages paid through September 30, 2021, although Recovery Startup Businesses are still able to retroactively claim the Employee Retention Tax Credit for wages paid after June 30, 2021, and before January 1, 2022.
How to Stay Informed About Changes to ERTC Regulations
All of those changes happened in a fairly short period of time and may have made the tax credit more confusing for small business owners. If those updates were already a lot to keep track of, how can an employer stay informed of any future changes to ERTC regulations?
One way you can stay up to date about ERTC rules is by working with a trusted tax professional on any ERTC work. The team at Dayes Law Firm, for instance, can work with you to apply for the Employee Retention Tax Credit and can answer any questions you have, including about any major ERTC regulation updates. We are here to support you and your business every step of the way.
By getting assistance from an ERTC team like the one at Dayes Law Firm, you don’t need to regularly check for ERTC changes yourself. However, if you do decide to go that route instead, you can stay informed about updates to ERTC regulations by checking the IRS’ website fairly frequently, particularly the news release section which is updated regularly.
But that’s yet another task for any small business owners who already have a lot to keep track of. That’s why we’d recommend getting help from a team experienced in dealing with the Employee Retention Tax Credit to stay informed about any ERTC regulation changes; staying updated about tax regulations is part of what our tax attorney team is trained to do, after all.
Dayes Law Firm ERTC Assistance
Dayes Law Firm and its partners have already worked to help other businesses apply for over $250 million in ERC claims so far! If you’d like our assistance with the ERTC, please call us at 1-866-567-4510 or fill out the form on this page to contact us today.
Members of our team are available via our 24/7 message service and there is no upfront cost to hire our firm. We can offer a free, no-obligation consultation to see if we are the right team to help you and your business with the ERTC and when it comes to staying informed about ERTC regulations.
Please feel free to reach out at your earliest convenience, and someone from our team will be in touch soon!