Is Getting a Tax Credit Music to Your Ears?

The Association of California Symphony Orchestras recently invited PBO Advisory to lead a webinar for its members. The organization’s mission is “Empowering Our Music Community” and we were happy to empower the ACSO’s membership with information about a tax credit program available to help orchestras dealing with the continuing effects of COVID-19.

If a tax credit for your orchestra, or one of the other vast types of businesses and organizations eligible, is music to your ears, read on.

Employee Retention Tax Credit

As regular readers of PBO Advisory Group’s blog know, we’ve written a lot about the ERTC and how employers can benefit. First established under the CARES Act, the ERTC has evolved over time. Currently, your organization can qualify as follows:


Like three-part harmony, these three programs work together.

If you received a Payroll Protection Program Round 2 loan and have filed for forgiveness, you may still qualify for the ERTC. With strategies employed by PBO Advisory’s professionals, you can maximize these funding sources by carefully utilizing payroll expenses and other qualifying expenses during the appropriate time frame. Our team can also help with the PPP application and forgiveness process.

If you haven’t filed yet for PPP Round 2 forgiveness, its time to pick up the tempo and do so SOON to receive maximum forgiveness and fully utilize the ERTC.

Recipients of a Shuttered Venue Operators Grant can also maximize the ERTC while still utilizing the SVOG to cover everything outside of these payroll expenses during the ERTC qualifying period.

Claiming Your ERTC

Once you have determined your eligibility for the ERTC, the next chord you need to play is filing the appropriate forms.

For 2020, use IRS form 941X, an amendment to your Q4 941 filing. There is a line to include the credit and you can receive a check from the IRS.

For 2021, file form 941X for Q1 and Q2 2021. Apply the credit to your Q3 and Q4 Form 941 and receive a check back from the IRS.

It’s important to note that different payroll providers may have specific requirements for reporting the credit.

You Don’t Have to do a Solo

PBO Advisory Group is ready to be your conductor. We have helped hundreds of businesses, organizations and associations determine eligibility, maximize the opportunities and file for the various programs available.

For more information, please contact us.

Rick Dahlseid

Consulting CFO