Credit Extension Announcement
Description
How to fill out Credit Extension Announcement?
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FAQ
You could receive your refund 21 days after filing your 2022 taxes in 2023. This means you could receive your refund three weeks after the IRS receives your return. It may take several days for your bank to have these funds available to you.
Most employers can expect to receive their ERTC refund within six months to a year after filing their return.
The Employee Retention Credit (ERC) is a refundable tax credit for businesses that continued to pay employees while either shut down due to the COVID-19 pandemic or had significant declines in gross receipts from March 13, 2020 to Dec. 31, 2021.
The backlog of unprocessed ERC claims has been growing since the fall of 2022, and as of April 5, 2023, the IRS has a backlog of approximately 929,000 unprocessed Forms 941-X.
Understanding the Filing Deadlines for ERC in 2023 Even though the tax credit expired in September 2021, qualified businesses, companies, and employers can still file paperwork and retroactively receive claims for the Employee Retention Credit in 2023.
How Do I Check on the Status of the Employee Retention Credit? You can call the IRS at (800) 829-4933 to check the status of your refund.
Q: Can you still apply for the ERC program in 2023? A: Yes, there is still time to apply for the ERC program in 2023. To claim the ERTC tax credit, you will need to fill out a Form 941-X. Luckily, the statute of limitations for filing amended quarterly returns is up to three years from the date of filing the Form 941.
The good news is the ERC refund typically takes 6-8 weeks to process after employers have filed for it. Just keep in mind that the waiting time for ERC refunds varies from business to business.
