How Businesses Can Claim the ERC in 2023
January 11, 2023
It’s not too late for some business owners to claim the Employee Retention Credit, also known as the ERTC or ERC, in 2023. There is some confusing information out there about deadlines and eligibility and as a small business owner, you might believe you missed your chance to get this lucrative credit for your business. Fortunately, that’s not the case.
Claiming the ERC in 2023 is possible for some businesses. It all comes down to your quarterly payroll tax filings, and whether you can make amendments to your past federal tax returns.
The Employee Retention Credit is a refundable tax credit meant to assist businesses that maintained staff during the height of the COVID-19 pandemic. Businesses can claim the credit for qualified wages paid to their employees.
If your business experienced significant setbacks during certain periods of 2020 and 2021, but you continued to keep W2 employees on staff, you may qualify for this credit and could ultimately receive up to $26,000 per employee.
The ERC was established by the CARES Act (Coronavirus Aid, Relief, and Economic Security Act passed by Congress in 2020) and expanded by the Relief Act, American Rescue Plan Act, and Infrastructure Investment and Jobs Act.
If, for whatever reason, you did not claim the credit for the years 2020 and 2021 previously, it might be possible for you to do so for your business now.
At this time, there are two deadlines for claiming the ERC in 2023 — for all quarters in 2020, the deadline to apply for the ERC is April 15, 2024. For all quarters in 2021, the deadline is April 15, 2025.
But you may not have time as a business owner to go back in your tax returns and see if you qualify and should do an amendment. That’s where a team like the one at Phillips Law Group comes in.
Our team can potentially help you earn the ERC in 2023 and reward you for keeping people on staff during a deeply unstable financial period impacted by COVID-19. The Phillips team can take on the application process for you while you focus on your business, and you can be sure we will do all we can to make an eligible application a successful one.
Contact us today to see how we can help you and your business retroactively claim the ERC in 2023 while there’s still time for us to tackle the process together.
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I would like to thank Vanessa Rodriguez for helping me with my case because I was in total shock about the accident. She had listened to all my concerns and had answered every question I had . She was great !!!
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Working at Phillips Law Group has been a blessing from the beginning for me and I am extremely thankful to work for a firm that values their employees so much. Here I believe we are a huge family of hard working people that can bring a sense of comfort to our client’s lives in times of hardships, stress and chaos. From intake to Settlement we strive to provide the best customer care to all of our wonderful clients. With a 4.8 rating and over 1100+ star reviews on Google no surprise our firm is extremely well known for the quality of work we do!! #teamPLG!!
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I would like to send special thanks to Phillips Law Group for giving me the opportunity to be a part of the Best Law Firm here in the Valley. During these troubling times with the epidemic, Phillips Law Group has masterfully created this family-like environment while still maintaining a professional and business-like approach for all their clients. Thru impeccable leadership that is unmatched by other law firms to the Multi-diverse employment opportunities that many employees advance within the firm; Phillips Law Group has not only distanced themselves from all other competition in the Personal Injury field but also has innovatively changed the narrative of being a great law institution. From providing Employee Appreciation Day to celebrating all major Holiday including great competitive contests; Phillips Law Group has the total participation of all employees to help contribute to the continued success of this firm. So in closing I would like to thank Senior Administration (Jeffery Phillips, Eva Chiaramonte, and Tim Tonkin) along with all of my colleagues and many friends for help making Phillips Law Group a unique and wonderful place to call my place of employment for 6+ years.
Although my accident was fortunately not a major one, The Phillips Law Group AZ treated it as such. Their staff, specifically Mr Juan Roque was very professional, courteous and most importantly very informative. Mr Roque's attentive service was phenomenal and I highly recommend this firm!
I have been with Phillips Law Group for a little over a year and I have learned what teamwork and family in a workplace looks like. There is always someone around to lend a helping hand, which is something I appreciate and cherish. I feel a sense of joy coming to work every day because of my co-workers as well as being able to help people in what can be a scary and stressful situation. I currently work as a Litigation Legal Assistant with an amazing team. When I started here, I was not very knowledgeable in personal injury. I was lucky to have been placed with an amazing team who was willing to take time to teach and pass on some great skills that have been a huge aid in helping me be successful in my position. I would recommend working here at Phillips Law Group, because they care about their employees and there is so much room for growth.