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
On July 31, 2015, President Obama signed into law P.L. 114-41, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the "Act"). Included in the Act are a number of important tax ...
Plan sponsors that have already or are considering reducing or suspending contributions to their safe harbor 401(k) or 403(b) plans as a result of the coronavirus pandemic now have helpful relief thanks to new guidance ...
The United States Supreme Court has agreed to hear California v. Texas (known as Texas v. U.S. in previous litigation) Docket No. 19-840, in which several states are arguing that the individual mandate in the ...
At 10:00 p.m. CDT on Friday (May 22, 2020), the Small Business Administration (“SBA”), in coordination with the U.S. Treasury Department, issued two Interim Final Rules (“IFRs”) addressing forgiveness of Payroll Protection Program (“PPP”) loans. ...
Latest Blog
DALLAS, TX – [February 21, 2025] –HM&M, a leading accounting and advisory firm, is proud to announce that ...
Updated February 14, 2025 A complex trust or estate may make an election under Internal Revenue Code Section ...
As this reminder was going to press, a Texas-based federal court issued a preliminary injunction prohibiting the federal ...
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 ...