The infrastructure bill was signed by the president in early November, just a week or so ago. And the employee retention credit took a dive. It was terminated early, the program stopped at the end of September with the third quarter. So the employee retention credit is no longer available for the fourth quarter unless you’ve qualified under the startup business rules.
So if you qualified under the startup program you were eligible for that for the third and fourth quarter, and that is still in effect. So be careful, don’t cheat yourself out of money if you qualify under those terms. Make sure you still get your employee retention credit.
Well for the rest of you, who just were using the regular employee retention credit. Unfortunately, the program is done. Keep your eye out for any changes. I’m sure we’ll still see more changes to the program even though it’s terminated.
The IRS is finally getting around to processing those 2020 amended returns it seems, and we’ve seen a pretty large influx of those being processed. So if you’re awaiting your money from an amended return or returns were filed back in March. So we’re finding it’s taking about eight to nine months to get those processes. So keep your eye out.
If you have not filed yet for the employee retention credit and you’re eligible, it’s not too late to apply. You just can’t use it in the fourth quarter of 2021. So please reach out if you haven’t applied yet and think you may be eligible. We may be able to help you.
I’m Donna Bordeaux with PYOPAccounting.com. Please follow us on Facebook and Instagram. Make sure you check out our blog and our website from the link below. Subscribe to our YouTube channel and hit the bell to be notified when we post. To contact me, email me at firstname.lastname@example.org.
Donna Bordeaux, CPA with PYOPAccounting.com
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