My ERTC Now

ERTC Timing Update as of June 8th, 2022. Our team is routinely monitoring ERTC updates from the IRS, and we wanted to share their recent update with you. The IRS has not explicitly updated and stated their turnaround time since initial guidance was retracted last year, however, they are providing us with status updates on the number of amended 941 forms in their backlog, which we can use to estimate their throughput. ‍The latest IRS update as of June 8, 2022, states there are “222,000 unprocessed 941-X forms, not all of which include a Covid Credit." The number of backlogged 941-Xs is down significantly compared to prior months - Good news! This means that the IRS is getting through the amended filings at a quicker pace than in months past- a promising sign!

Parameter Capital and Consulting (PCC), a boutique capital and consulting firm, is expanding its portfolio by launching myERTCnow.com, a platform aimed at helping businesses affected by COVID-19 mandates maximize the Employee Retention Tax Credit (ERTC). This tax credit can represent up to $33,000 per employee for eligible businesses.

Section 2301 of the CARES Act provided a refundable payroll tax refund (ERTC) for companies whose business was impacted by Covid-19. The credit was applicable to qualified wages paid after March 12, 2020, and before January 1, 2021.