COVID-19 Resource Center
Employee Retention Credit: Amend the Proper Return
The Employee Retention Credit (ERC) is a refundable pandemic-related tax credit for eligible employers who were fully or partially suspended due to a governmental order or who had a qualifying decline in gross receipts between March 2020 and September 2021 for comparable quarters. The credit may be claimed by filing an amended 941 for the […]
IRS Issues Renewed Warning on Employee Retention Credit Claims
AAFCPAs reminds clients to remain vigilant of promoters providing misleading guidance as it relates to the Employee Retention Credit (ERC). The Internal Revenue Service recently issued a renewed warning urging people to carefully review ERC guidelines before claiming the credit. We continue to see third parties aggressively promoting ERC schemes on both the radio and […]
Schools Eligible for the Employee Retention Credit
AAFCPAs would like to remind independent schools of the availability of the Employee Retention Credit (ERC). The ERC provides significant refundable payroll tax credits to eligible employers for both the 2020 and 2021 tax years. It is not too late to submit a claim for the ERC! WHAT IS THE EMPLOYEE RETENTION CREDIT? The ERC […]
Clients Having Success Reassessing Employee Retention Credit
Many of AAFCPAs’ clients are having success reassessing their eligibility for the Employee Retention Tax Credit. “IRS anticipates that approximately 70%-80% of small and medium businesses (as well as tens of thousands of charities) were good candidates for taking the ERC,” according to Forbes.com. “The reality is, to date the actual numbers of businesses and […]
Watch Now: Reassess Eligibility for the Employee Retention Credit
AAFCPAs’ Webinar: Reassess Eligibility for the Employee Retention Credit is now available OnDemand. This webinar was recorded live on June 28th, 2022 to provide clients with guidance on this widely misunderstood tax benefit. Businesses & Charities across the Country are Failing to Take Advantage of the ERC! “IRS anticipates that approximately 70%-80% of small and […]
Attention PPP Loan Recipients: Bulletin from the SBA
AAFCPAs would like to make clients aware of a recent bulletin issued by the Small Business Administration (SBA) affecting recipients of Paycheck Protection Program (PPP) Loans. The SBA sent this bulletin to lenders providing responses to some frequently asked questions and platform updates. While this bulletin was meant for lenders, some of the updates impact […]
MA HireNow Program Offers $4,000 Per New Employee Grant
AAFCPAs would like to make clients aware that the Baker-Polito Administration recently announced its “HireNow” Hiring and Training Employer Grant Program, which provides eligible employers with a $4,000 per employee grant. The grant may be used to cover training costs or as a signing bonus for new employees. The program is open to all Massachusetts […]
MGCC Deploys $75 Million to Small Businesses
AAFCPAs’ client Massachusetts Growth Capital Corporation (MGCC) is offering two new grant programs for small businesses affected by the COVID-19 pandemic. These funds were appropriated through the state’s share of the American Rescue Plan Act (ARPA). There are two programs: The New Applicant Grant Program and The Inclusive Grant Program. Grants range from $10,000 – $75,000. […]
Child Tax Credit Advance Payments: IRS Letter 6419
AAFCPAs would like to make clients aware that the IRS has started mailing copies of its Letter 6419, which outlines Advance Child Tax Credit payments that may have been received by taxpayers between July 2021 and December 2021. Taxpayers will need this letter when filing 2021 taxes and to claim the remaining credit. Reporting the […]