On this episode Chris Wittich, MBT, CPA, Partner — Boyum Barenscheer, discusses the latest updates on the Employee Retention Credit (ERC) as the five-year anniversary of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, approaches. He emphasizes the upcoming deadline of submitting 2021 ERC claims by April 15, 2025 and addresses the complexities surrounding the statute of limitations for ERC claims and income tax returns. The episode also highlights the challenges faced by clients in managing tax liabilities, the slow IRS ERC claims processing and tips for addressing claim denial letters.
What you’ll learn from this episode:
- Reminder of the upcoming April 15 deadline to submit ERC claims
- Complexities surrounding the statute of limitations for income tax returns where an ERC claim was filed
- What to tell your clients about the processing times for current ERC claims
- Different types of IRS correspondence that are being received related to ERC claims
AICPA resources
Employee retention credit guidance and resources — A library for comprehensive guidance, essential tools and the latest news on the ERC.
Traction with the Tiger — Hosted by Chris Wittich, Traction with the Tiger is a podcast series for staying ahead in accounting, business and beyond. Chris covers hot topics, shares key business tips and welcomes engaging guests to provide expert insights, inspiration and actionable advice.
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