Employee Retention Credit (ERC)
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 […]
Tax Takeaways for Tax-exempt Organizations
During AAFCPAs’ Nonprofit Seminar (April 2023), Joshua England, LLM, Esq. and Chris Consoletti, Esq. updated more than 400 attendees on the latest tax issues, laws, and procedures affecting tax-exempt organizations. In their presentation, they offered an overview of accomplishments made by the IRS last year and its objectives this year. They also discussed the Employee […]
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 […]
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 […]
AAFCPAs’ update on the Employee Retention Credit (ERC) for 2020 and 2021
AAFCPAs would like to remind clients of the availability of the Employee Retention Credit (ERC). The ERC can provide 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 […]
Treasury, IRS provide gross receipts safe harbor for employers claiming the Employee Retention Credit
AAFCPAs would like to make clients aware that the Treasury and the IRS recently issued a safe harbor allowing employers to exclude certain items from their gross receipts solely for determining eligibility for the Employee Retention Credit (ERC). These amounts are: The amount of the forgiveness of a Paycheck Protection Program (PPP) Loan; Shuttered Venue […]