Hospitals and Medical Groups Losing Millions Overlooking Massive Federal Tax Credit
Industry: Non Profit
Legitimate refundable tax credits are being mistaken by many within the medical industry as a scam, costing them millions of dollars. Most of the medical groups qualify now, with the new legislation.
Dearborn, MI (PRUnderground) February 15th, 2023
This refund is a specific tax credit from the US government. It’s called an Employee Retention Credit (ERC) or Employee Retention Tax Credit (ERTC), which gives a refund up to $26,000 per W2 employee. If a hospital or a medical group qualifies, they will be able to claim this credit even if they took advantage of the Paycheck Protection Program (PPP) loan program that went into effect during the 2020 pandemic. With the new legislation in place, most of the medical groups qualify now, which didn’t qualify previously.
Know this… the ERC tax credit is not a loan. It is a tax refund. This video goes into detail and proof how to apply https://youtu.be/XJMwNX87ciw (Explaining precisely what the ERC tax credit is and how any hospital or medical group may be able to take rightful advantage and claim this credit.)
So how come the medical industry heard about PPP loans and not the ERC tax credit? It’s because banks were being paid to facilitate PPP loans; so they promoted them everywhere.
And back then, during the Trump administration, if they took out a PPP loan, you wouldn’t qualify for the ERC tax credit, and vice versa.
With the new administration it doesn’t matter if you took out a PPP loan, even then you may still be able to claim your ERC tax credit.
There’s a kicker though. The process is complicated. The paperwork is hard to navigate, the requirements are confusing, and even highly skilled CPAs who don’t specialize in this specific tax credit get the math wrong when calculating how much a medical group can claim for itself.
The leading resource company specializing precisely in facilitating ERC tax credits is BottomLine. The key contact there to get started with the process is medical tax credit filing expert Jeff Dameron, and for FREE the service will:
– Help figure out if the medical group qualifies,
– Calculate how much money they can properly and legally claim, and
– Assist in preparing and filing all required IRS filings, and
– Set up credit status tracking to see when they can expect to receive tax credit checks.
This service helps hospitals and medical groups navigate the entire, sometimes complicated, ERC process from start to finish.
Obviously, once the process is over they will take a small service fee – but not until the ERC tax credit is received. So, if the medical group goes through this process and gets $0, the service gets $0. Mr. Dameron’s company helped more than 300 Fortune 500 companies including BurgerKing, Dominos Pizza, Rolex and Red Sox. To learn more about the ERC program, here are the links to the IRS website:
- IRS ERC Link #1: Determining when an employer’s trade or business operations are considered to be fully or partially suspended due to a governmental order.
- IRS ERC Link #2: New law extends COVID tax credit for employers who keep workers on payroll.
- IRS ERC Link #3: IRS provides guidance for employers claiming the Employee Retention Credit for 2020, including eligibility rules for PPP borrowers.
Mr. Dameron’s secretary is Lindsay, and you can contact her at (877) 506-3999 to learn more and set up an appointment with Mr. Dameron.
By Mark Anderson Staff Writer for
Driving Successful Lives Charity
About Driving Successful Lives
Driving Successful Lives’ mission is to facilitate car donations so that veterans, homeless families, children, those with addictions & other non-profits can benefit from fellow citizens giving-forward.
Every time a person gives to the charity of their choice it may also create a tax benefit for them. The money, the items, and the real property that they have donated to non-profit institutions throughout the tax year may be tax deductible which means that they could end up being the difference between a good tax return and a great tax return. Depending upon the kind of donation and the type of charity or foundation that they chose to donate to, the tax deduction it creates could be very helpful for reducing the amount taxes that they owe. Many successful and wealthy people state that at least to a certain degree, a part of whom they are and what they have become comes at least in part from the practice of giving. Contributing to charities can be a very convenient way to reduce taxes.