With the IRS ERTC moratorium extended indefinitely, myths and misconceptions abound – but businesses can still claim credits, and eligibility check isn’t complicated, say the experts at ERTC Express.
The ERTC is one of the rare programs where the government gives businesses free money, so that's great news for many - but bad news for those who abused the system. And while the IRS has been taking steps to address things, many businesses have been puzzled by all the moratoriums and announcements and disclosure programs...
So we got the experts at ERTC Express to answer some essential questions (check them out at https://employee-retentiontaxcredit.com to learn more about what they do!)
If you're hearing the term "ERTC Moratorium" for the first time, it refers to a pause in assessing ERTC claims submitted after September 14, 2023. And while the moratorium was originally in place until "at least" December 31, that date has been extended indefinitely.
Does that mean you can no longer apply for credits?
No, you absolutely can - and should •apply!
To make the most of the ERTC, you need to know if your business is eligible. And because the rules haven't always been the clearest - and they've been bent by many, which is why the IRS is now scrutinizing everything - it's essential to get expert help.
As of now, businesses that experienced a decline in gross receipts or were subject to government-mandated full or partial shutdowns may qualify. But there's way more to it than just that.
Several factors determine your eligibility for ERTC. These include:
To determine if your business qualifies, you'll want to compare your gross receipts from a quarter in 2020 or 2021 to the same quarter in 2019. If you see a heavy drop, that's a strong indicator you may be eligible. Additionally, consider any government orders that affected your business operations. Did you have to limit capacity or adjust hours? These factors could also play a role in your eligibility.
Applying for the ERTC isn't just about filling out forms, as the IRS is clamping down on potentially fraudulent claims. And with the 2024 moratorium extending processing time even further, it's more important than ever to get it right the first time.
Common pitfalls can trip up even the most diligent business owners. To avoid these, make sure you:
These are just a few of the complexities of the ERTC process. Making a mistake could mean leaving money on the table - or facing an IRS audit.
With things being as complicated as they are, you don't want to take any chances - and seeking expert help can be the difference between a successful claim and a missed opportunity.
ERTC Express is a service that specializes in helping businesses like yours claim the maximum credit they're entitled to.
ERTC Express offers an all-inclusive ERTC eligibility and application service to support your business through the ERTC claim process. This includes:
And it all starts with a free, no-obligation eligibility check that will only take 15 minutes of your time!
One critical aspect of claiming the ERTC is to be aware of the deadlines. You need to start the process as early as possible and give yourself plenty of time to gather information and prepare your claim.
Keep these dates in mind:
Mark these dates on your calendar and start preparing your documentation well in advance to avoid any rush and potential mistakes.
The IRS Voluntary Disclosure Program is a critical component to consider if you're worried about past ERTC claims.
If you've discovered errors or omissions in your previously filed claims, this program provides a way to correct those mistakes without you risking an IRS audit.
This really shows how important it is to get your ERTC claim right the first time around. With the help of ERTC Express, you can ensure that your claim is accurate and fully compliant - at no risk, and with no upfront fees!
