Get Your Church or Nonprofit Free Money via Tax Credit
The lesser-known Employee Retention Credit, a government-sponsored stimulus program, is designed to help nonprofits and businesses that retained their employees during the COVID-19 pandemic in 2020-2021. This stimulus program was established by the CARES Act. It is a refundable tax credit that’s yours to claim. The program is based on qualified wages and healthcare paid to employees.
If your church, nonprofit, or company has more than 5 employees (W2 employees, not 1099 contractors), you can work with Bottom Line Concepts, a 3rd-party advisor that makes it easier to walk through the refund process with the IRS. They are a one-stop-shop from start to finish. This advisor has done this process for over 30,000 customers and recovered over $4 billion in refunds.
Here are some important points to consider for your church, nonprofit or business:
- If nonprofits and companies received PPP, they still qualify for ERC.
- ERC refunds on average $10,000 per employee, for those that received PPP, but can be as high as $26,000 per employee!
- Nonprofits and companies don’t have to prove loss of revenue; operational impacts qualify as well.
- Bottom Line is assisting nonprofits and companies recover taxes and wages they have already paid on their W2 employees.
The potential return is HUGE and worth a short 15-minute call to confirm if you qualify. Schedule a call with Bottom Line Concepts for their ERC program—there’s no up-front costs and no risk to check them out.
Background on the US government’s ERC program
- IRS Extension
- IRS Eligibility
- IRS ERC & PPP
- Infrastructure Bill article
- IRS Website
- IRS: Employers warned to beware of third parties promoting improper Employee Retention Credit claims
Extra Links for Due Diligence about ERC
- The Employee Retention Credit Is a Great Deal–but Beware ‘ERC Mills’ (Inc Magazine, December 2022)
- How to choose a legitimate ERC referral partner (Intuit’s Tax Pro Center)
- Accounting for the Employee Retention Credit (CapinCrouse, a national full-service CPA and consulting firm for nonprofits)
- What Every Church Must Know About The ERC Tax Credit Now (Aplos- church accounting suite)
- The Employee Retention Credit: an overview for ministries (Church Executive magazine)
- CHURCHES: How to file for ERC tax refund (Baptist Message)
- The Employee Retention Credit: An Overview for Ministries (MinistryWorks by Brotherhood Mutual Insurance Co.)
- How to Avoid Scams with ERC Companies
- How to Apply for the Employee Retention Credit in 2023
- ERC Filing: It’s Not as Late as You May Think
- Two ways churches can qualify for the credit
If your church didn’t experience a significant decline in gross receipts during 2020 or 2021, you could still qualify for the ERC. Many churches have qualified not because of a loss of revenue but because they qualified due to government mandates that partially or fully restrict their operation.https://erc.bottomlinesavings.com/do-churches-qualify-for-the-erc/
Clergy Financial Resources posted this informative flowchart at “New Law Extends COVID Tax Credit for Churches“—
[Disclosure: DJ Chuang would receive a referral fee only if your church, nonprofit, or company receives an ERC tax credit through Bottom Line Concept’s advisory program.]