Therefore, most employers can expect to receive their ERTC refund within eight to 10 weeks after filing their return. Companies that used PayNortheast as a payroll provider could opt for an instant tax credit that provided a portion of the refund of the employee retention tax credit each time the payroll was processed. Despite the bad news about the repayment deadline, employers who qualify for the ERC should consider filing an amended payroll tax return to claim the benefit. All eligible PayNortheast payroll customers received an employee retention tax credit refund from the IRS several weeks after the end of each quarter, giving them a clear advantage over companies that were still waiting for their refund.
Brief background: If you haven't explored the employee retention credit (ERC), you may be entitled to a payroll tax credit that has resulted in significant refunds. YOU CANNOT use the salary of the same employees to apply for credit and use the salary of those same employees as a payroll cost for PPP loan forgiveness. Currently, the IRS has a backlog of hundreds of thousands of amended Form 941 requests as a result of the employee retention tax credit. Therefore, we suggest that if you are interested in applying for the employee retention tax credit, apply now.
Many companies have already received the employee retention tax credit reimbursement using the instant tax credit offered by the IRS through the PayNortheast payroll service. We can help you with credit calculations, file application 941-X to apply for employee retention credits, review previously calculated credits, determine credit requirements, help audit IRS 941-X audits, and help you with letters from the IRS to help resolve credit delays. You can wait 6 to 10 months from the filing date to receive the employee retention tax credit.