The ERC application window will start to close in 2023 - Jacksonville Business Journal

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.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

23 big events returning to Jacksonville in 2023Mean Girls, monster trucks and marathons: There are plenty of fun things to do in the Jacksonville area in 2023.
Source: Florida Times-Union - 🏆 600. / 51 Read more »

The ERC application window will start to close in 2023 - Phoenix Business JournalThe Employee Retention Credit could mean thousands of dollars for small businesses, but 2023 will be an important year for those looking to maximize the tax credit. Here's why.
Source: phxbizjournal - 🏆 254. / 63 Read more »

The ERC application window will start to close in 2023 - San Francisco Business TimesThe Employee Retention Credit could mean thousands of dollars for small businesses, but 2023 will be an important year for those looking to maximize the tax credit. Here's why.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

Thousands ring in 2023 watching the strawberry drop in HarrisburgThousands of couples, families and friends gathered on a shutdown Market St. in downtown Harrisburg, Pa., New Year's Eve to watch a giant strawberry drop and see fireworks at midnight and ring in 2023. '1000's'
Source: PennLive - 🏆 463. / 53 Read more »

Commentary: A poem for the new year: It Starts TodayStarting today, it’s 2023!
Source: ExpressNews - 🏆 519. / 51 Read more »

Shiba Inu (SHIB) Might Rally in 2023, Here Are 3 Scenarios$SHIB is not dead and might put up a fight in the new year 😀😁 Sure will SHIB 🚀🚀🚀🚀🚀💣💣💣👀👀👀
Source: Utoday_en - 🏆 295. / 63 Read more »