This Employee Retention Credit (ERC) It has been a lifeline for many businesses struggling during the COVID-19 pandemic. If you have applied to the ERC and are waiting for your refund, it is important to know how to check your refund status and understand the delays that may occur. In this blog post, we’ll walk you through the process of checking your ERC refund status and provide information on possible processing time delays.
What is ERC?
First, let’s quickly recap what ERC is. ERC is a tax credit offered as part of the CARES Act to provide financial assistance to businesses affected by the COVID-19 pandemic. The loan is available to businesses that meet certain eligibility criteria, including those that have experienced a significant reduction in revenue or had to suspend operations partially or completely due to COVID-19.
How to Check Your ERC Refund Status
If you have filed with the ERC and are waiting for your refund, the IRS’s “Where Is My Refund?” You can check the status of your refund using the online tool. You can use the tool like this:
- The IRS’s “Where Is My Refund?” middleman https://www.irs.gov/refunds.
- Enter your Social Security number or Individual Taxpayer Identification Number, your application status, and the full amount of your refund.
- Click “Submit”.
- The tool will notify you of the status of your refund, including whether your refund has been approved, shipped or there is a processing delay.
Understanding Processing Time Delays
Although the ERC refund process usually takes 4-6 weeks, there are several reasons why processing time delays occur. Some common causes of ERC refund processing delays include:
- Incorrect or incomplete information on the return request form
- The need for additional documents to support a refund request
- IRS staffing shortages or backlog processing
- Errors or delays in processing due to COVID-19 related issues
What Should You Do If Your ERC Refund Is Delayed?
If you’ve checked your ERC refund status and it’s late, don’t panic. Here are some steps you can take to help resolve the lag:
- The IRS’s “Where Is My Refund?” Check the status of your refund regularly using the tool.
- To inquire about the status of your refund and possible processing delays, contact the IRS at 1-800-829-1040.
- Make sure that all information on your refund request form is complete and accurate, and that you provide all necessary documents to support your refund request.
- Consider working with a tax professional who can help guide the refund process and provide guidance in resolving any delays.
IRS phone numbers
Here are some useful IRS phone numbers:
- General Help: 1-800-829-1040
- Business Assistance: 1-800-829-4933
- Undeclared and Tax Account Transcript: 1-800-908-9946
- Return Line: 1-800-829-1954
- Electronic Federal Tax Payment System (EFTPS): 1-800-555-4477
- Employer Identification Number (EIN) Assistance: 1-800-829-4933
Please note that the IRS is experiencing longer-than-usual wait times due to the ongoing outbreak, so it may take some time to reach a representative. It’s always a good idea to have all your necessary information ready when you call, such as your Social Security number, tax ID number, and related tax documents.
The ERC has been a valuable resource for businesses affected by the COVID-19 pandemic. If you have applied to the ERC and are waiting for your refund, it is important that you regularly check your refund status and understand possible processing time delays. By following the steps outlined in this blog post, you can stay informed and take action to help resolve any delays.