You can do it now! Even though itʼs 2023, itʼs not too late to qualify for the employee retention credit (ERC).
If you qualify and want your money, you must amend your 2020 and 2021 payroll tax returns. Sure, thatʼs a pain, but, if you have a dozen employees and qualify for maximum tax credits, you are looking at $312,000. That certainly nulliﬁes the minor pain of amending those payroll tax returns.
And, youʼll also need to amend the business income tax returns for 2020 and 2021 to show the ERC as a reduction in payroll expenses for the qualifying years.3 Again, not hard—just a pain.
How Do I Qualify?
Assuming you aggregated ...