The Payroll Tax Refund (Employee Retention Tax Credit) that was part of the COVID Relief Act of 2020 was originally scheduled to end by April 15, 2025. A new Bill is being voted on by Congress that could end the ERTC as soon as January 31, 2024 (end date for the Program will be back-dated). See article below.
The money allocated to Small Businesses for the ERTC is being re-allocated to “The Tax Relief for American Families and Workers Act of 2024” (Note Last Paragraph in article “Eliminates Fraud and Waste……….”) Click below for full article.
https://lnkd.in/e8wQJm-6
The House of Representatives has already approved the new Act of 2024, and The Senate will be voting soon. Nothing is official yet, but it is likely the new Act of 2024 will become law soon, thus ending the ERTC.