11/18/2022

ASAE Joins Other Groups in Asking IRS to Resolve Employee Retention Tax Credit Processing Delays

A coalition has urged the IRS to ensure they have access to the ERTC

Earlier this month, ASAE joined a broad coalition of associations and other nonprofits in a letter to the IRS, urging the agency to ensure that American businesses and nonprofits get timely access to the Employee Retention Tax Credit (ERTC) created by Congress during the pandemic.

Along with the Paycheck Protection Program (PPP), the ERTC has been a critical lifeline for small businesses and nonprofits to keep their doors open and employees on payroll during the difficult economy resulting from the COVID-19 pandemic. The ERTC provides eligible employers up to $7,000 per employee per quarter in refundable tax relief for the first three quarters of 2021.

Eligible businesses and tax-exempt groups can still apply for the ERTC on an amended return, and many have done just that. But the IRS has acknowledged significant delays in the disbursement of ERTC funds, and as of Aug. 31, had a backlog of 207,000 unprocessed claims.

Please select this link to read the complete article from Associations Now.