The status of ERC refunds cannot be tracked. Taxpayers have reported that they have waited 10 to 12 months and, in some cases, longer, to receive their ERC refunds. Originally, it was expected that, after filing an amended payroll report, the IRS would issue a refund within six weeks to six months. Even this wide window now seems optimistic.
You should now plan a delivery time of nine to twelve months. Business tax filers will need additional payroll data and other documents to file their quarterly returns with the ERTC. The deadline for eligible businesses to apply for the ERTC is with their quarterly Form 941 tax returns, which are due on July 31, October. The ARPA, for example, allows small employers who received a paycheck protection program (PPP) loan to also apply for the ERTC.
Disaster Loan Advisors can help your company with the complex and confusing employee retention credit (ERC) and employee retention tax credit (ERTC) program. Eligible companies, Smith said, can file a retroactive ERTC refund request on qualified wages previously paid during the past calendar quarters by filing Form 941-X, the employer's adjusted quarterly federal tax return, or the request for reimbursement. The early termination of the ERTC means that companies must pay withheld payroll taxes to monetize their early credit, advised Marvin A.