The House passed The Tax Relief for American Families and Workers Act of 2024 on January 31, 2024. This act proposes an important change: moving the deadline for submitting Employee Retention Credit (ERC) claims to January 31, 2024, for all periods, including 2021. It's now under Senate review.
MTRS is actively monitoring developments and is here to guide you through these changes.
The IRS announced on September 14, 2023, that it will not process new claims until at least January 1, 2024. The IRS Commissioner has not confirmed whether the program is fully operational again. From the date of filing, they are asking for up to 180 days to allow for processing time. We send everything with certified mail to ensure the IRS receives our package. Please be patient and understand the timeline is controlled by the IRS and beyond our influence.
If you would like to read more on the recent update, you can do so here.
What This Means for You:
MTRS’s Actions and Support:
MTRS will contact each client upon first word on their individual claim.
IRS Process: The IRS process is antiquated. They do not provide case numbers or the names of agents working on cases. Each call to the IRS connects us with a new agent, requiring us to start from scratch to seek information, updates, and re-fax our power of attorney since they are never saved on record. Unfortunately, there is no more efficient system to check the status of refunds.
If you would like to call the IRS yourself you can do so at 800-829-4933. Please inform us with the update from your call so we can update our files accordingly.
MTRS is here to support you through these updates and any other questions you may have. Don't hesitate to reach out for guidance on navigating these changes.
Yes, if The Tax Relief for American Families and Workers Act of 2024 becomes law, the deadline for all ERC submissions will move to January 31, 2024. This includes claims for 2021.
No, any ERC claims processed by MTRS before January 31, 2024, are not affected by the new deadline.
Expect a delay in refund issuance for claims already filed. The IRS is processing these at a much slower speed. We have not seen one new check be released since the moratorium was put in place on September 14th. Once MTRS receives word your refund, we'll contact you to arrange the transfer.
No, MTRS does not offer advances on ERC refunds. We'll notify you as soon as your refund is processed and available. If you're in need of immediate funding, please reach out to us for recommendations and referrals.
If need be, MTRS will guide you on submitting any required, additional documentation for your ERC claim. It's important to submit this as soon as possible to facilitate your refund process.