A wave of new tax rules and incentives are starting in 2023 as older provisions begin expiring of scaling down. While some of these focus on the new push for electric vehicles, business owners should also take advantage of the payroll tax credit.
According to senior manager Tom Sena, any business that didn’t evaluate eligibility for the Employee Retention Credit, a refundable payroll tax credit that can be up to $26,000 per employee, still can amend and claim the credit for certain tax years. “Generally the period of limitations to claim and file an amended return starts to expire three years from the date the quarterly payroll tax return was filed,” he said.
Even then, businesses could have up until April 15 of the following year to file. This means if a business met the eligibility criteria and qualified wages were paid during March 2020 to September 2021, they could still be eligible for the credit, Sena said. This makes April 15, 2024, and April 15, 2025, key dates for business owners looking to file an amended return for the credit.
Read the full article published by Newsday.
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