What Are the Consequences if You Miss the ERTC Filing Deadline?

January 11, 2024
Dayes Law Firm

The first major filing deadline for the Employee Retention Tax Credit, also known as the ERTC or ERC, is coming up fast. Missing out on filing before the first ERTC deadline could mean you and your business lose out on money you may be entitled to receive. 

Consequences of Missing ERTC Filing Deadlines 

The Employee Retention Tax Credit is a refundable tax credit that eligible employers can claim retroactively for wages paid from March 13, 2020, through December 31, 2021, during some of the worst months of the COVID-19 pandemic and a tough economic period for many businesses. 

Businesses may be able to seek a refund of up to $26,000 per employee for that eligibility period in 2020 and 2021. Depending on the number of employees you had on staff during that time, you could be eligible to receive thousands and thousands of dollars in an ERTC refund. 

If your business experienced fully or partially suspended operations as a result of government orders during the early months of the pandemic, or if it saw a significant decline in gross receipts between March 2020 and December 2021 when compared to the same quarter in 2019, it may be eligible to claim the ERTC now. However, the first deadline to claim the ERTC is coming up very soon. 

For a 2020 claim, you must file by April 15, 2024. For a 2021 claim, you need to file by April 15, 2025. That means for any wages you want to claim from 2020, you’ve only got a handful of months left to gather all of the documentation you need and to put together your application for the IRS. 

What happens if you miss the ERTC filing deadline? Eligible employers that don’t apply for the Employee Retention Tax Credit by that quickly approaching April date may lose out on thousands in funds that they could use for all sorts of business needs. The IRS is already disallowing many inaccurate claims, and likely won’t be forgiving of businesses that try to skirt requirements and apply late.

To apply for the ERTC in time, you might want to consider working with an ERTC tax professional. A trusted tax attorney can assist you in applying for the Employee Retention Tax Credit before that first filing deadline and help you turn in the most accurate ERTC claim possible. 

Working With Dayes Law Firm on Your ERTC Claim

The team at Dayes Law Firm can offer assistance with determining eligibility for and applying for the Employee Retention Tax Credit. Our firm and our partner firms have already helped hundreds of business owners file for this tax credit and the filings represent more than $100 million in tax credits. Our clients have already received over $25 million in funds for Employee Retention Tax Credit claims, and we believe we are the right choice for you to partner with to claim this important credit for your business, too. 
Please contact us for a free evaluation regarding any of your ERTC questions or concerns. Call Dayes Law Firm at (800) 503-2000 today to get in touch with a member of our team and learn more about the ERTC before the upcoming ERTC filing deadline.