Proposed Legislation May Have ERC Implications

If enacted, The Tax Relief for American Families and Workers Act introduced on January 17, 2024, and approved by the House Ways and Means Committee on January 19^th, would accelerate the due date for ERC submissions to January 31, 2024 (next Wednesday), and introduce measures to increase penalties on fraudulent promoters. The proposed earlier deadline would be applicable to all ERC claim submissions, creating a very narrow timeframe for submitting eligible claims.

What you thought wasn’t due until April 15, 2024 (2020 claims), or even April 15, 2025 (2021 claims), could become due next week.