Congratulations! You have filed your Employee Retention Tax Credit and have a pretty nice check coming your way. In this blog we will discuss what happens next and when you can expect your check to show up.
If you are unfamiliar with the ERTC, check out our blog to learn more about this program: Doyle HCM ERTC Success.
The Hard Part is Over
Good news, if you’ve amended and submitted your ERTC, the hard work is over. We know how tedious and time consuming the filing process was and we are glad to be past that as well.
If you’re reading this before you have submitted, take a moment to double check and make sure everything is good to go so there are no surprises with what happens next.
When Will I Get My Check?
The timeline of your refund will depend on a few things. If you were an early adopter to the program and filed early on, you will get your refund relatively quickly. If you have waited, it may take longer as the filings are stacking up as this program gains popularity.
It also depends on how much you are getting back. Businesses who are receiving a smaller refund will likely receive theirs quicker than businesses that are receiving large refunds. The IRS will double check all filings and ensure that all the information is correct before sending the check.
What Will the Check Look Like?
If you don’t know what you’re looking for, you may not even know it has arrived. It would make sense that the check would come with information titled ERTC or have some kind of memo stating what it was for.
The check will look just like any other check you have received from the Department of Treasury. The check will be made out to the name of your business and be for the full amount from each quarter you filed an ERTC for. You may receive them all at once or periodically depending on how they were filed.
It Will be Called an “Overpayment”
The payment you will receive will be in the form of an overpayment on payroll tax. This may be confusing to see if you are expecting a payment for the ERTC. While you may think that you may have just been getting an unexpected gift from the US Government, think again. Here is what the form you can expect to see will look like:
We will continue to keep you informed on any updates to this program as we get them.
As of today we have helped our clients secure over $70 Million dollars in credits through the ERTC and are excited to help more businesses take advantage of this credit!
For more info about the ERTC check out our blog post: Doyle HCM ERTC Success
To learn more about how we’ve helped our clients with ERTC, check out these success stories: