The window to claim this lucrative business tax credit is closing.
Small-business owners will start to see the window close on the potentially lucrative Employee Retention Credit this year. initially created to encourage business owners to retain staff during the Covid-19 pandemic
But now, more than two years after the ERC was created, opportunities to claim the credit will begin to fade away — at a time whenThe ERC is filed on a company's amended 941 tax form, which is filed quarterly. That means the credit's statute of limitations also falls off quarterly once the deadline for an amended return passes, according to Brent Johnson, co-founder of tax software and guidance firm Clarus Solutions.
the ERC to include up to 70% of $10,000 in qualifying wages per employee per quarter in 2021 for the first three quartersTo qualify, businesses needed to record a drop in revenue during 2020 and or the first three quarters 2021 compared to 2019, or they had to be operating under significant government restrictions, which includes many restaurants, daycares and other businesses.
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