Status of the ERC in 2023 – What Business Owners Need To Know

January 6, 2023

If you’re the owner of a small business, by now, you may have heard of the Employee Retention Credit, also known as the ERC or the ERTC. But you might have also believed that you needed to apply for the tax credit before the end of 2022 and not know the current status of the ERC in 2023.

Thankfully, there is still time for many businesses to take advantage of this great program, but it’s best to look into the credit as soon as possible. A team of attorneys, like the ones at Phillips Law Group, can help you get started.

But first, to summarize: the Employee Retention Tax Credit is a fully refundable payroll tax credit that businesses can claim on qualified wages paid to their employees. If your business experienced significant setbacks during the height of the COVID-19 pandemic, but you continued to employ W2 staff, you may qualify for this credit and could receive up to $26,000 per employee.

Although you can apply for this tax credit on your own as a business owner, having an attorney with experience in ERC claims on your side is not a bad choice. They can help you apply for the credit before crucial deadlines and earn the money you and your business deserve.

There are a couple of deadlines for filing an ERC claim, based on your quarterly payroll tax filings. For all quarters in 2020, the deadline to apply for the ERC is April 15, 2024, and for all quarters in 2021, the deadline is April 15, 2025. Basically, businesses can still conduct a look back to figure out if wages paid after March 12, 2020, through the end of the program are eligible.

The confusion surrounding deadline dates and the status of the ERC is one reason why having a team of attorneys – like the ones at Phillips Law Group and our partners – on your side to apply for the program may be a wise choice for you and your business. 

Our team can help give you the best chance at getting the highest potential tax credit refund – an amazing incentive for American business owners who kept their employees on staff even as they were greatly impacted by the pandemic.

You still have time to determine if your business is retroactively eligible for the ERC. But it’s not a great idea to wait until the very end and stress over the deadline, especially when the team at Phillips can handle the process for you while you get back to all of the other tasks you need to attend to as a small business owner. 

Our team can collect all the necessary documentation to qualify for the Employee Retention Tax Credit on your behalf. There are no upfront fees – you only pay us if we win an ERC recovery check for you. 

We are committed to helping you claim the tax incentives your business is eligible for, including the ERC. Contact Phillips Law Group today to see how we can help!