With taxes due in just three weeks, small businesses already have a lot on their plate. But employers shouldn’t overlook a new opportunity to put money back in their pockets.
Businesses that had five to 500 employees in 2020 and 2021 may be eligible for the Employee Retention Tax Credit, or ERC, a refundable tax credit designed to reward employers for retaining workers during the pandemic. In fact, business owners could potentially receive up to $26,000 per employee. In order to qualify, employers must amend their 9-41 tax forms, or quarterly employer returns, within three years of 2020 and 2021. The final deadline to submit the first round of revised forms is April 15, 2024.
