Understand the employee retention credit
If you received a PPP Loan, you were originally ineligible to take the Employee Retention Credit. However, with the passing of the recent Consolidated Appropriations Act, you may be able to retroactively claim up to a $5,000 credit per employee for the tax year 2020.
If your business was either partially or fully shutdown during at least one quarter of 2020 OR your business had a significant drop in gross receipts in 2020 relative to the same calendar quarter in 2019, you might qualify.
The time frame to retroactively claim this credit is critical. Do not file your 4th quarter Form 941 before consulting your HM&M advisor. Let us analyze your circumstances and help you determine if you qualify for this lucrative credit per employee.
Contact us for more information.
Contact Us
For more information check out HM&M’s COVID-19 Resources page.
HM&M COVID-19 Resources
Related Posts
Yesterday evening (March 31, 2020), the Small Business Administration released the Paycheck Protection Program (“PPP”) loan application form and information sheets for borrowers and for lenders. We include below a link to each of these ...
This morning (May 13, 2020), the Small Business Administration (“SBA”) published Paycheck Protection Program (“PPP”) Loans Frequently Asked Question (“FAQ”) #46 and its answer. The SBA provides therein that any borrower that, together with its ...
As a reminder second quarter payroll reports are due to be filed by July 31, 2020. If you have had no significant changes between the first and the second quarter your reporting requirements will be ...
At the tail end of 2021, the Internal Revenue Service (IRS) released new Schedules K-2 and K-3 effective for tax years beginning January 1, 2021. These schedules are designed to present a substantially greater amount ...
Latest Blog
Will you be able to benefit from the One Big, Beautiful Bill Act (OBBBA), signed into law earlier ...
What could happen if you don’t file your taxes? If you’re required to file a tax return but ...
The One Big Beautiful Bill Act (OBBBA), which was enacted on July 4, 2025, is filled with favorable ...
HM&M Updates
Dallas, TX – Aug. 7, 2024 – HM&M, a Springline company (HM&M), a leading CPA firm with four ...
DALLAS, Dec. 11, 2024 – Springline Advisory, a trailblazing financial and business advisory firm, is proud to announce its partnership ...
Last month, Senior Manager, Pearl Balsara was invited to speak at the 2023 FPA DFW Annual Conference in ...