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
A new program for QuickBooks or Intuit Online Payroll users is going live on August 1, 2021. The Work Number, which is a user-paid verification of employment database that was created by TALX Corp., a ...
HM&M Recommends that You Take Immediate Actions Overview The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) was signed into law by President Trump on December 20, 2019. The ...
In a highly anticipated decision, the U.S. Supreme Court on June 17 ruled by a 7-2 vote that the plaintiffs in the latest challenge to the Affordable Care Act (ACA) lacked standing to bring the ...
On May 4, 2020, we published an article about the current effort of the administration and of both sides of the Congressional aisle to browbeat companies into returning PPP loans by May 7. We concluded ...
Latest Blog
Signed into law on July 4, 2025, the One Big Beautiful Bill is the most substantial federal tax ...
Businesses can make many last-minute moves at the end of the year to lower their tax bills, but ...
To manage their finances and accurately file their taxes, most small business owners must choose between two accounting ...
HM&M Updates
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 ...
We are pleased to announce the winners of the 2022 HM&M Excellence Awards. Ronna Beemer, Keith Phillips, and ...