Businesses can no longer pay wages in order to claim the Employee Retention Tax Credit in 2022.
However, they can do a look back at their past payroll to see if they can file an amended return and claim the credit by amending returns. Currently, employers have until 2024 to amend and claim the credit.
The Employee Retention Credit is available to employers whose income meets the qualified wages. To qualify for the Employee Retention Credit, you must meet these requirements:
- your business needed to be partially or fully non-operational because of the COVID-19 pandemic
- your business experienced a decline in gross receipts
To apply for the Employee Retention Tax Credit, employers must complete and file Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund, with their quarterly federal tax return.
For more information on the Employee Retention Tax Credit, see the link below:
Employee Retention Tax Credit
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