Are you wondering if you will get a check for the Employee Retention Credit (ERC)? The ERC was created to encourage employers to keep employees on the payroll during the coronavirus outbreak. If you have returned the ERC documentation to the IRS, it may take six to nine months for them to issue you a check or email stating that you have a payroll tax credit. You can call the IRS at (800) 829-4933 to check the status of your refund. Press 3 to see the employment tax after you have chosen your preferred language.
You will now be in line to speak with an IRS representative. Disaster loan counselors can also help your business with the complex and confusing ERC and Employee Retention Tax Credit (ERTC) program. If you delayed payroll taxes before receiving the ERC in the fourth quarter, you must determine any underpaid tax amounts and prepare to resolve those problems. You can also check the official website for the latest updates on the status of the employee retention credit reimbursement.
The ERC was a tax credit in which business owners received a refundable tax credit for keeping employees on the payroll during the COVID-19 pandemic. The purpose of the ERC was to provide funding to compensate for employee expenses (and, therefore, maintain employment). However, due to staff deficits, companies will not receive payments until long after the crisis has passed, and there will be a further delay in ERC emails.