August 11, 2022
This month’s Economic Development Committee Meeting will focus on the Employee Retention Credit.
A Tremendous Tax Break – the Employee Retention Credit (ERC) for 2020 and 2021
- Joan Fujita, Tax Principal, Accuity. Joan leads the Tax Accounting Group at ACCUITY, one of the largest CPA and consulting firms in Hawaii. Joan leads tax audit management. Her areas of specialization include some of our community’s industries hardest-hit by the pandemic such as hospitality, entertainment and retail
- Steve Seto, Vice President of Marketing, ProService Hawaii. ProService Hawaii is Hawaii’s HR partner, serving over 2,500 Hawaii businesses and organizations who collectively employ over 45,000 Hawaii employees – helping employers care for their people and achieve their business goals through their people. ProService is proud to provide business and hr counsel to our entire community, clients and non-clients. It continues to be our pleasure helping Hawaii employers survive and thrive through the pandemic and the many common economic challenges all Hawaii employers face
Overview of the Employee Retention Credit (ERC), ie why should I care/pay attention?
- ERC a very generous government pandemic relief program, providing FREE MONEY
- Up to $33,000 per employee
- ERC is the least known, most misunderstood government pandemic relief program. The vast majority of Hawaii employers, of all sizes, in all industries, QUALIFY
- Most employers qualify for BOTH PPP (including 100% forgiveness) AND ERC
- ERC tax credits are INCREMENTAL to PPP funds
- NOW is a very good time to re-acquaint yourself with this program. Now that most companies have completed their 2020 and 2021 PPP forgiveness applications, they already have some of the documentation they will need to file for ERC
- There is still time to apply for ERC
Attendees will learn information and guidance on how their own business and businesses they counsel can benefit from ERC:
- What is ERC?
- Is the money real? How are ProService and Accuity bringing Hundreds of Millions of Dollars (yes, really) in the form of tax credits to Hawaii employers, with a “by Hawaii for Hawaii” program
- Does my business qualify for ERC? For 2020? 2021?
- What documentation is required?
- Case Studies – examples from companies of all sizes in different industries. How much they received from PPP and ERC
- Instructions on how to work with your ERC filing partner to ensure you maximize your ERC $, including vis-a-vis PPP
This committee works to enhance the general business climate on Hawai`i Island and to support a stable and healthy economy. The committee organizes informative presentations to members which focus on issues that affect businesses.
Meetings: 2nd Thursday of the month at 12:00noon via Zoom (Dates and times subject to change)
Chair: HICC Vice President Keith Marrack, Edward Jones