Print Friendly, PDF & Email

Claiming the Employee Retention Credit

Many Nonprofits Have Yet to Take Advantage of This New Provision, Which Could Amount to as Much as $33,000 per Employee!

The Consolidated Appropriations Act, 2021, signed on December 27th, 2020, expanded eligibility for the Employee Retention Credit (ERC) by allowing those—including tax-exempt organizations—who received Paycheck Protection Program (PPP) loans to qualify. Prior to December 27, 2020, PPP loan recipients could not also file for eligible tax credits. The expanded eligibility is retroactive, and as a result, many nonprofits that had not previously benefited from the ERC are now able to claim payroll tax credits for 2020 and 2021, if certain requirements are met. Furthermore, the American Rescue Plan Act of 2021 extended ERC through December 31, 2021, making the credit available for the entire 2021 year.

What Nonprofit Housing Enterprises Need to Know to Take Advantage of the ERC:

In this Webinar OnDemand, recorded April 13, 2021, Strength Matters’ partner AAFCPAs shares what nonprofit housing enterprises need to know to take advantage of the ERC, including: program criteria, qualifying expenses, and accounting treatment.

Webinar Objectives:

  • Listeners will gain clarity on employer eligibility and qualified wages (including certain health plan costs).
  • Listeners will understand the process for applying and how to gain immediate access to the credit.
  • Listeners will learn techniques to maximize the use of the funds in combination with other credit and relief provisions, such as PPP loans, paid sick and family leave credits, and other federal or state reimbursement grants.
  • Listeners will gain an understanding of the ERC’s implications on accounting treatment and financial statement presentation.

Speakers

 

Watch Webinar OnDemand

Download Slides >>

About the Authors

Nichole Reilly, CPA, MBA
Nichole is responsible for planning and executing financial statement audits for sophisticated nonprofit organizations.  She has extensive experience serving community health centers, charter schools, community development corporations and their affordable housing development projects with HUD and MHFA requirements. She has been serving AAFCPAs’ clients since 2010. Nichole delivers a full range of solutions solving the challenges that AAF’s clients face, including: audits in accordance with the Uniform Guidance/Single Audit and Government Auditing Standards, as well as the Massachusetts Uniform Financial Report (UFR). She has extensive experience providing assurance solutions, and leading high-energy teams to consistently deliver a positive, non-intrusive client experience.
Brittany Besler
Brittany possesses a unique combination of tax, legal, and business backgrounds, and is a valuable member of AAFCPAs’ Tax practice. She provides tax planning, research, and compliance solutions for corporations, partnerships, nonprofits, individuals, estates & trusts. Brittany advises businesses and individuals on various federal, state, local and foreign tax-related issues, including counseling clients on the consequences of new and updated tax laws. She assists clients in the creation of appropriate and optimal organizational structures, and advises on tax planning and tax exemption compliance. She advises newly-formed and well-established nonprofit clients on meeting compliance requirements of various government agencies, including the IRS rules on fundraising and political activities.