Not So Fast! ERTC Still Open for Eligible Employers
Senate says “NO!” to House Bill to end ERTC early. Eligible Employers have until April 15th 2025 to file a claim.
The Employee Retention Tax Credit (ERTC) program is still in effect, thanks to a recent decision by the Senate. The proposal to end the ERTC early was defeated, meaning employers now have until April 15, 2025, to file a claim.
The Senate voted against the tax bill that included provisions to cut off the ERTC. This is a significant development for businesses still recovering from the pandemic, as the ERTC provides crucial support to keep employees on payroll.
Key Takeaways:
Senate Vote: The Senate vote fell short of the 60 votes needed to advance the bill, with 48 senators voting in favor and 44 against.
Legislation Details: The bill aimed to revive several expired tax provisions and expand others, but it also sought to end the ERTC, which has been instrumental in helping businesses during the pandemic.
Job Security: Business owners warned that without revived tax provisions, many would be forced to lay off workers or shut down entirely.
ERTC Claims: Under current law, employers can still file amended 2021 tax returns through mid-April 2025 to claim as much as $21,000 per employee.
What This Means for Your Business
The ERTC program continues to offer financial relief to businesses affected by the COVID-19 pandemic. Under current law, employers can still file amended 2021 tax returns through mid-April 2025 to claim up to $21,000 per employee.
This extension provides a valuable opportunity for businesses that have not yet taken advantage of the ERTC. It’s essential to act now and ensure you don’t miss out on this beneficial program.
How We Can Help
Boston Growth Partners is here to assist you in navigating the complexities of the ERTC program. We specialize in helping businesses like yours maximize their claims and benefit from the available tax credits.
Contact us today to learn how we can help you file your ERTC claims and ensure you receive the financial support your business deserves. Don’t wait until it’s too late—take action now to secure your claim before the April 15, 2025 deadline.
Let’s Get Started
Reach out to our team today to schedule a consultation. We are committed to helping your business thrive and ensuring you make the most of the ERTC program.