Checking the Status of My ERC Refund [2024 Detailed Guide]
For many business owners, the Employee Retention Tax Credit (often referred to as the ERC or ERTC) provides critical financial relief after the difficulties of the past few years. Employers that are taking advantage of this important tax benefit are likely anxious to stay informed as to the status of their ERC claims and accurately anticipate when they might receive their ERC funds. So, how can a business check the status of its ERC claim?
First, it’s important to know that ERTC processing takes time, and there may be delays due to the high volume of claims being filed. Additionally, the IRS may request further documentation or information from you before approving your claim, which can further delay your refund. It’s typical for the entire ERTC process to take several months, so be sure to set reasonable expectations regarding the timeline when you’re filing for the ERC.
If you want to check on the status of an ERC claim, your first step should be to call the IRS at its toll-free number, 1-800-829-1040. Be sure to have your EIN and any other relevant information related to your claim ready when you call – and be prepared for a long wait. (You may experience a shorter wait time if you call early in the morning.)
If you have online access to your IRS account, you can try checking your online account to see if there are any updates or changes noted there. If you don’t have online IRS access set up yet, you can create an IRS account here (you will need to have photo identification on hand).
If you’re having trouble getting the information you need from the IRS, you can always consult an ERC specialist for assistance with your ERC filing. An experienced Employee Retention Tax Credit consultant may be able to help you determine the status of your ERC filing, or even help you claim the ERC for additional quarters if eligible.
To help mitigate this uncertainty and avoid potential delays, some business–owners choose to apply for an ERTC advance loan, which can provide access to ERC funds on credit while waiting for the IRS to process the claim. These loans can be obtained through various lenders, and eligibility requirements and terms may vary depending on the lender, the size of the business, and other factors.
In conclusion, the best way to check the status of your ERTC claim is by directly contacting the IRS on the phone, but you could also try checking your IRS account online or consider consulting with an ERC professional for help. While the process can be lengthy, taking proactive steps to monitor your claim status – as well as considering options like ERTC loans – can help provide vital support for your business as it financially recovers from the COVID-19 pandemic.