The current draft of the Tax Relief for American Families and Workers Act of 2024 includes a proposed provision that would dramatically accelerate the deadline to file claims for the Employee Retention Credit (ERC) to January 31, 2024.  The ERC is a much-scrutinized refundable tax credit of up to $26,000 per employee for certain wages paid by employers between March 12, 2020, and before October 1, 2021.  Generally, an employer is eligible for the ERC if (1) it was subject to a COVID 19-related governmental order that wholly or partially suspended its business operations, or (2) it suffered a substantial reduction in gross receipts.  The current proposal would move up the filing deadline for all ERC claims to January 31, 2024.

To learn more, read the full Alert here