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On April 8th, 2022, members of Congress sent a bipartisan letter to the Commissioner of the Internal Revenue Service (“IRS”) which addressed not only the lack of responsiveness from the IRS regarding inquiries about the status of refunds associated with the CARES Act Employee Retention Tax Credit (“ERC”), but also the delay in the issuance of the refunds to businesses across the country. The letter urges the IRS to prioritize processing ERC claims and issuance of refunds. Further, the letter calls on the IRS to take immediate action and create a separate phone line and electronic mailbox specifically for businesses who claimed this “emergency credit” and to provide a timeline to receive a refund.

The CARES Act Employee Retention Credit was originally available to eligible employers on wages paid from March 13, 2020 to December 31, 2020. Previous legislation extended the ERC to December 31, 2021, however, on November 15, 2021, the President signed the $1 trillion bipartisan Infrastructure Bill into law which contained a provision eliminating the ERTC in the fourth (4th) quarter of 2021. The ERC Reinstatement Act was introduced to Congress in December 2021 and, if passed, would reinstate the ERC for the fourth (4th) quarter of 2021 to help businesses recover from the impact the COVID-19 pandemic has had on their business operations.

Synergi Partners continues to monitor this legislation and advocate for the passage of the ERTC Reinstatement Act.