We've learned that most broadcast stations are likely due cash back for Employee Retention Credits under the CARES Act.
The ABA is hosting a Zoom meeting to provide details you can use to amend your quarterly tax filings.
In a nutshell, stations can amend quarterly tax filings from March, 2020 through June, 2021 for periods they did not receive PPP if they meet just one of the following two criteria:
2020
- If there was a partial or full federal, state or locally mandated shutdown of business that affected your company.
- If their quarterly gross revenue was 50% less than the same quarter in 2019.
2021 (through June 30 only)
- If there was a partial or full federal, state or locally mandated shutdown of business that affected your company.
- If their quarterly gross revenue was 20% less than the same quarter in 2019.
This is a refundable tax credit – meaning you will get CASH back, not a credit going forward. It's highly likely that the person/company preparing your quarterly tax filings is unaware of this refund.
ABA Zoom Meeting on
Employee Retention Credits (ERC)
with Chad Singletary of Carr, Riggs and Ingram
Wednesday, July 14, 2021
If you do not have the ABA website
