Client Notification: ERTC Refund Status
Dear clients,
There has been lot of talk about the ERTC refund program lately. As specialists in this claim, we want to advise you of what is true – and what is not.
Your ERTC (Employee Retention Tax Credit”) payroll tax refund remains the law, passed by Congress. If you are still waiting for your refund you filed through Boston Growth Partners, you should be entitled to it.
Then why are you hearing negative buzz?
The IRS is concerned about people who do not file carefully. It is wary of publicity through questionable promotions (like rap stars leaving phone messages in places of worship) or promises of easy money. This has led to a halt in processing claims until 2024. While we realize that this further slows the process, legitimate claims will be paid!
Fortunately, as you filed with Boston Growth Partners, we took care to:
assess your eligibility,
use correct payroll data,
do appropriate calculations, and
have a CPA sign the 941-X forms.
REST ASSURED. Your firm’s refund claim was properly filed!
What does this mean for you?
ERTC remains the law. The IRS must continue to process claims. There are no statutory changes.
After speeding up claims recently, the IRS will again extend lead times to deal with faulty filings and clear backlogs.
Refunds for 2020 may be processed through April 2024 (6 more months).
Refunds for 2021 may be processed through April 2025 (18 more months).
ERTC refunds are taxable. The IRS reminds employers to work with trusted tax advisors to amend back returns once refunds are received.
The ERTC is a legitimate and worthy program. It is a refund – not a handout. Your payroll taxes funded it.
Finally, we should tell you that everything you hear is not true or advisable. We have had clients who were pressured not to file claims, and even to withdraw legitimate claims. There is a flurry of publicity out there. Before you believe what you hear, read, or see on social media, check with us or other trusted advisors who specialize in this complex program.
We know you are busy running your business; we want to make sure your legitimate interests are protected.
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Michael Grosberg is the President and CEO of Boston Growth Partners, LLC, a business consulting firm and can be reached by visiting www.bostongrowthpartners.com
Michael Groberg
617-306-7888
Sudbury, MA
mgrosberg@bostongrowthpartners.com
