ERTC and PPP
As of the day I write this article, Kallas has filed for close to $18 million in in the first round of ERTC refunds for our clients based on 2020 payroll.
That is averaging about $70,000 per location.
The IRS estimates that refunds will be issued between 15 and 20 weeks from filing the amended 941 returns. Kallas started filing for refunds at the beginning of June so based on that, we anticipate refunds coming the end of October through December.
Kallas has started the process for filing for the second round of ERTC refunds based on 2021 payroll. The second round ERTC will affect your 2021 profit and consequently your 2021 business and personal returns.
We anticipate having all the ERTC work completed before your tax returns are due for 2021 but we need your help.
- To obtain the maximum amount of ERTC refunds, we need information regarding the second round of your PPP loans.
- And we also need you to sign and return the ERTC Engagement Agreement if you haven’t already.
- Your bookkeeper at Kallas will contact you for the information we need.
- Some of you did not use Kallas to obtain forgiveness. We will need information from your forgiveness document to go forward with the ERTC. Please contact your bookkeeper to give us the information we need.
- It has come to our attention that some of you have not actually applied or received forgiveness yet on your second round of PPP. if you fall into this category, please get your forgiveness now.
We will need this information for your ERTC.
If you have not signed up with Kallas for the PPP forgiveness or the ERT credit please contact Michele at Kallas and she will get the process going for you.
