ACTION MAY BE NEEDED BEFORE JANUARY 31, 2024
Last week, the House Ways and Means Committee approved a bill that could imminently close the window for Employee Retention Tax Credit (ERTC) claims. If passed, the deadline to file amended payroll returns to claim the Employee Retention Tax Credit moves to January 31, 2024. There are other changes to the program including extending the period for IRS audits of ERTC claims to six years and significant penalties for promoters. The termination of ERC was included as a vehicle to pay for $78 billion in tax relief for individuals and businesses in the Tax Relief for American Families and Workers Act of 2024.
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