Can You Claim ERTC Retroactively If You Already Filed & Other Common ERTC Questions Answered
The Employee Retention Tax Credit program has ended, but many employers still haven’t filed or received their credits — in part due to some confusion over how the program works.
In this article, you’ll find answers to the most commonly asked questions, and some brief explanations — but it is possible you’ll have questions that won’t be answered here.
That doesn’t mean you need to go rushing off to Google, and start the hunt all over though — if your question isn’t answered here, your best bet might be to ask some ERTC specialists, and they’ll certainly have the answers.
They can even help you with your filing and make sure all your paperwork is correct.
Can I claim ERTC if I already filed?
How much ERTC can I claim?
Do tax credits need to be paid back?
Can I claim ERTC if I already received a PPP loan?
When can I expect my ERTC refund?
- Can I claim ERTC if I already filed?
Yes! Many employers have already filed their 2020 returns and are worried they may miss out on their credits.
All you need to do is contact an ERTC specialist and tell them you need to amend your claim, or file an amendment using a 941-X form.
2. How much ERTC can I claim?
The maximum allowable amounts changed from 2020 to 2021 — and it may be best to ask a CPA who specializes in ERTC to confirm that your paperwork is correct.
In general, the maximum amounts are:
50% of the first $10,000 of eligible wages per employee, per quarter, for 2020
70% of the first $10,000 of eligible wages per employee, per quarter, for 2021
3. Do tax credits need to be paid back?
Unlike the Paycheck Protection Program, the ERTC is not a loan, and you do not have to pay it back in any way.
4. Can I claim ERTC if I already received a PPP loan?
Yes! Originally employers were told they had to choose one program or the other, and the majority decided to use the PPP program, as it offered larger sums.
In 2021 the Consolidated Appropriations Act was passed and amended the requirements so that you could enroll in both programs.
5. When can I expect my ERTC refund?
When the program first started, the expected wait time was supposed to be 6 weeks.
Due to a backlog and changes in the eligibility requirements, which has caused many more employers to enroll in the program, your wait time now could be as long as 9 to 12 months.
Hopefully, you found the answers you were looking for here.
If you still have questions, or if you would like the help of a Certified Public Accountant to make sure your paperwork is all correct, and to get everything filed as soon as possible, don’t hesitate to get in contact with an ERTC specialist.
It’s been a tough few years for everyone — don’t miss out on the tax credits you deserve.