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ERTC
Hi everyone! I’m curious to hear from other non profits that rely primarily on government funding regarding their experience with the Employee Retention Tax Credit program. Our agency, a $10MM housing and homeless services organization, was operationally inconvenienced by COVID, but we continued to deliver our contracted services; when the smoke cleared COVID had not adversely impacted our finances. Our auditor has also expressed concern vis a vis the “double dipping” issue, as restricted funding comprises over 85% of our budget. At the same time, I know of other nonprofits in the same boat who have benefited from the ERC. Would love to hear your thoughts on this issue. Thanks!
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3 Replies
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My apologies. I see there is already a thorough and excellent thread on this topic in the forum.
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Theo here again. Dan, the question of using the same wages for multiple funding or credit purposes is certainly an important part of this discussion. For nonprofits that received government funding, the treatment of wages can require careful review before claiming the Employee Retention Credit. There were organizations that benefited from the credit, but eligibility and wage allocation can be quite fact-specific. If your auditor has already raised concerns, I would take those concerns seriously and ask them to explain the specific risk in your situation. It may also be worth getting advice from a tax professional who understands nonprofit credits. The potential benefit should always be considered alongside the possibility of repayment, penalties, and additional compliance work.
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This reply was modified 1 week, 4 days ago by rewaj.
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This reply was modified 1 week, 4 days ago by
