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There have been various versions of the Employee Retention Credit passed as part of the COVID relief bills that introduced, expanded who is eligible, extended the timeline and then reduced the timeline. So, we can understand the confusion about an auto dealer’s eligibility.
Let us quickly summarize a few things to help you consider your eligibility:
The credit can be claimed on your payroll tax return. These payroll tax returns can be amended up to three years after the date they were filed. For example, if you are a Pennsylvania dealership and your business was partially shut down due to the state government order denying you the ability to sell vehicles during the second quarter of 2020 and you filed your quarterly payroll tax return in July 2020, you have until July 2023 to file an amended return to claim the credit.
We have had a lot of success working with our dealership clients to identify and claim these credits. You can reach out me or any other SD Auto Dealer Advisor to assist you in figuring out your eligibility and calculating the credit. We look forward to hearing from you.
For any questions please reach out to Steven A. Barber – Shareholder, Tax Advisory Services. 412-697-5463
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