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Anyone received the Employee Retention Credit?
Posted on 4/26/22 at 11:43 am
Posted on 4/26/22 at 11:43 am
Has anyone filed for the ERC (Employee Retention Credit) for their company and actually received the credit? If YES, what was your timeframe?
We filed in early fall of 2021 knowing that it would not be received before the end of the year, but fulling expecting it to come before Tax Deadline. The ERC is taxable (okay) but it sucked to include in the calculations but not received. It sucks for Sub-Chapter S corps. I got some pissed off shareholders. Thanks in advance for any non-OT answers.
We filed in early fall of 2021 knowing that it would not be received before the end of the year, but fulling expecting it to come before Tax Deadline. The ERC is taxable (okay) but it sucked to include in the calculations but not received. It sucks for Sub-Chapter S corps. I got some pissed off shareholders. Thanks in advance for any non-OT answers.
6
Posted on 4/26/22 at 12:33 pm to The General
Filed Q1 21 941X on 6/10. Received check on 3/1.
Filed Q2 21 941X on 9/22. Received check on 4/19.
Filed Q3 21 as regular 941 on 10/31. Received check on 1/10.
Filed Q2-4 20 941X on 1/6/22 and are waiting for payment.
Based on our experience you are looking at a minimum of 6 months - except for the quarter where we did not have to amend.
Filed Q2 21 941X on 9/22. Received check on 4/19.
Filed Q3 21 as regular 941 on 10/31. Received check on 1/10.
Filed Q2-4 20 941X on 1/6/22 and are waiting for payment.
Based on our experience you are looking at a minimum of 6 months - except for the quarter where we did not have to amend.
Posted on 4/26/22 at 10:56 pm to rsb831
Thanks for the info. Based on this, I should be inside 45 days.
Posted on 4/27/22 at 6:46 am to rsb831
quote:
Based on our experience you are looking at a minimum of 6 months - except for the quarter where we did not have to amend.
Similar experience for me as well.
Posted on 4/27/22 at 9:19 am to The General
2020 Q2: Amended Dec 2021, still have not received any correspondences
2021 Q1 & Q2: Amended Sept 2021, received March 2022
2021 Q3: Filed with the credit on 10/13/21, received 11/26/21
Before I received my Q1 & Q2 credits/refunds I received a notice from the IRS about 30 days before receiving the funds saying they needed more time to review, then another notice about 2 weeks before receipt saying how much we would receive.
2021 Q1 & Q2: Amended Sept 2021, received March 2022
2021 Q3: Filed with the credit on 10/13/21, received 11/26/21
Before I received my Q1 & Q2 credits/refunds I received a notice from the IRS about 30 days before receiving the funds saying they needed more time to review, then another notice about 2 weeks before receipt saying how much we would receive.
Posted on 11/26/22 at 3:23 pm to The General
Has anyone got a 2nd or 3rd quarter of 2022 refund check yet? I have several friends that also applied and none of us have got those quarters
Posted on 11/26/22 at 8:05 pm to The General
The amount of money given to companies by the government in the past 2-3 years is insane.
Posted on 11/27/22 at 9:15 am to GREENHEAD22
Anybody desperate for the cash, I have a company that will advance on ERT’s. They charge 10-13% of the tax credit amount, but when it’s free money some people have chosen to take the cash advance. Obviously not for 90% plus of people, but there are some people where that upfront cash would make or break their business.
Lnobles@redstickcapital.com
Lnobles@redstickcapital.com
Posted on 11/27/22 at 8:27 pm to The General
I don’t handle our financial matters for my company so I might be off on the details but I know we filed in late 2021 because I had to pay taxes on it even though I did not get my share of the money yet. Accountant said it would probably be 6 months. It’s been around a year and no check yet. I’m wondering if it will be several months or more based on what I hear from others.
We did receive confirmation of the filing but I understand that just means to got it. It is not any sort of review
We did receive confirmation of the filing but I understand that just means to got it. It is not any sort of review
Posted on 11/28/22 at 9:29 am to The General
I filed an amended 941 early this summer and received the refund check a few weeks ago.
ETA: I also included my worksheet and other documentation verifying my calculations so maybe that helped expedite it, I don't know
ETA: I also included my worksheet and other documentation verifying my calculations so maybe that helped expedite it, I don't know
This post was edited on 11/28/22 at 9:31 am
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