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October 4, 2023
The IRS announced it will slow the processing of Employee Retention Tax Credit claims and will not process new claims until 2024
Small Businesses Hurt by Employee Retention Tax Credit Processing Delay
- The business experienced a decline in gross receipts (at least 50% decline for the 2020 quarter; at least 20% decline for the 2021 quarter) compared to the same quarter in 2019; or
- Due to a government order, the business experienced a full or partial suspension of operations. This provision also extends to suppliers of a business. If a business can prove its operations were impacted because of the inability to obtain goods or materials from its suppliers, it may qualify for ERTC.
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