“Do You Now Need to Amend
Your 2021 Tax Return for the 2021 ERC?”
To get my complete article
with all the details…
Are You Prepared to Amend Your 2021 Tax Return?
If you claimed the Employee Retention Credit (ERC) for 2021 but haven’t yet amended your tax return, you might be on a collision course with the IRS.
Here’s what you need to know:
- You are required to amend your 2021 tax return to reflect the ERC and reduce your wage deductions, even if you haven’t received your refund yet.
- The statute of limitations is approaching—March 15, 2025, April 15, 2025, or later, if you extended your returns. All of these are closer than they seem.
- Filing a protective claim can safeguard your finances if your ERC is rejected or reduced.
Ignoring this could lead to significant tax consequences, including penalties for intentional non-compliance.
Don’t wait until it’s too late. Learn how to navigate this complex situation and protect yourself.
P.S. Even if cash flow is tight, you have options to stay compliant. Explore them in the article!