Lets talk first about Employee Retention Credit Phone Number :
Our team here what do these men doing everybody in this space is assisting teach people about ERC and uh always provide a lovely breakfast and have individuals actually find out about the program we must head to the space where we have the ability to show a few of the checks that we are getting for companies and I wish to see that what is this this is uh numerous millions of dollars literally Kevin numerous countless dollars so these are duplicate copies of the letters that go to clients verifying that the check is on the method I suggest you understand if you simply begin to look at a few of these here I mean this one’s 8 million this one is 1.1 million 1.7 million 1.4 million I suggest it’s just I mean think of how many actual clients that went through the program yeah this is the very end this is the party at the end when the check is confirmed the numbers are confirmed and the check is on the mail in the mail from the internal revenue service heading to the client so that’s how you’re able to track it you understand when you
get this you understand the check is chosen sure which’s when they pay so they don’t pay anything up until they in fact receive the money they do not pay bottom line Wonder trust anything up until this letter is validated the check is on the way they transfer it into their savings account and they can truly trust Wonder trust that the procedure has actually been ended up and the number of you think you’ve processed because you began this we’re about 35 000 of these for
about six billion dollars wow so clearly they understand what they’re doing which’s what you need you need specialists on the other end of the phone to process this and get it to where you get one of these that’s what matters all right Mr Wonderful here you’re at my YouTube channel we’re discussing something actually essential today the staff member retention credit which most of you have never become aware of I definitely had not heard of it up until very recently and learned a lot about it because this is probably the lowest expense of capital for any small company anywhere
anytime if you have workers in between 5 and five hundred so I’ve got the expert with me this is Josh Fox he’s the creator and CEO of bottom line Concepts they’re the largest processor of these ERC credits this is a 170 page program so it’s hard this isn’t like PPP we simply call your bank supervisor and state provide me a loan it does not work there’s not a loan it’s an application and Josh is going to inform us all about it and how to get it and why I’ve ended up being yes the Ambassador and paid spokesperson for this I love this program it’s going away soon you got to discover everything about it let’s talk worker retention credit Josh Fox what is an ERC let’s just begin there so during the Trump Administration when President Trump was enacted they developed the cares Act and the cares act offered companies three opportunities you had the PPP loan you had the eidl loan and you had the ERC tax refund and practically everyone it makes a huge distinction right there two of them are loans and one’s a refund precisely so the ERC is a refund that’s.
remedy the cash cash payroll tax refund okay go on sorry I just need to ensure we got that point I mean that’s a huge distinction a loan versus cash cash I like cash cash that’s what we’re talking about fine and the other loans are done so we’re sitting here in 2023 and the eidl is over the PPP is over and the only one left from the initial cares Act is the ERC and yes Kevin it is a lovely difficult check in the mail where you get actual money from the internal revenue service all right so let’s speak about how it works due to the fact that it sounds like to me if it’s a if it’s employee retention credit that person had to be an employee so I’m going to make the Assumption this money is not for the owner not for people on the cap table not for investors it’s for workers right you had to have actually owned a service but it’s based upon you having W-2 employees in America not 10.99. so as long as you had W-2 staff members and you paid federal payroll taxes that’s why you would be eligible so you need to be on payroll in 2020 on the W-2 and you have to be on payroll for the very first 6 months of 2021 on the W-2 proper so there were six quarters the program was open well stroll us through the six quarters so you had quarters two 3 and four of 2020 and you had quarters one two and three of 2021. alright so that’s how it’s determined you need to be on the W-2 throughout that period now let’s talk my favorite part money just how much can you get back per staff member that was on a W-2 in those six quarters so the estimation in 2020 to be precise Kevin is 50 of the worker’s wage to an optimum of five thousand dollars per employee for the year of 2020 and in 2021 the numbers skyrocketed to 70 of the employee’s income to an optimum of 7 thousand per quarter how did that happen um they just altered the rules in.
2021 versus since the turmoil of the pandemic so they wished to even get more to keep those employees on payroll 100 so if you can get 5 000 per person Max in twenty that was 50 in 2020 up to five thousand Max and then what takes place 21 000 Max in 2021 oh that’s how you develop twenty 6 thousand twenty one thousand to twenty twenty one plus 5 thousand in twenty twenty that’s twenty 6 thousand dollars per staff member that is because that’s a lot of cash it is now there’s a caution here the PPP money would need to be decreased from the twenty 6 thousand dollars so if you took PPP loan one and PPP loan 2 you would reduce the 26 000 so what we’re seeing usually Kevin is if you took PPP cash someplace around ten thousand dollars a person so let’s state hypothetically you owned a dining establishment in New York City where I’m from and you had a hundred workers and you took PPP cash you would still get a million dollar in the mail from the internal revenue service so it’s huge clearly now the big question is why does no one know about this because appearance when I first found out about this when I initially satisfied Josh you know I have actually got great deals of investments in great deals of business I’m a major supporter for entrepreneurship in America and make numerous lots of investments in business owners of which many suffered through the pandemic when I first became aware of this I called BS I do not believe it due to the fact that I utilize the PPP we went through the money center Banks to get it it was extremely easy to do we had our CEOs call the banks they got their loans and that were well been worthy of and we used them wisely to survive throughout the pandemic so when I found out about this I stated nah it can’t hold true but when I dug around I even called to my political leader friends Guv Senators they didn’t understand about it I suggest that’s how you know that’s how false information is that there’s no information out there then a bunch of people told me well you can’t get it since you took the PPP likewise not real so let’s ask Josh why does nobody understand about the worker retention credit you understand what’s interesting you’re talking about the banks Kevin due to the fact that in the PPP loan process the federal government made it really clear that if you wanted a PPP loan you would call Wells Fargo Citibank Bank of America any of the big banks in our nation and they would process procedure in Canada a pre-pp loan there’s no loans in Canada by the way it’s simply process process that’s all um and here there was mayhem because keep in mind in the initial cares act you could not do both programs so if you had done PPP you might refrain from doing ERC in the initial program and when they altered the law in 2021 the banks were not doing ERC since it’s not alone so you’re getting a tax refund so the federal government never made it clear to anyone about how to.
do this does your CFO know how to do this not truly she or he’s never ever done it before do the banks do it nope the banks do not do it the payroll business yeah some of them are doing it as a payroll company your accounting professional no your accounting professional’s never done this before unless you have an account that went into this company and bottom line my company Kevin has actually been in business given that 2009 and we’ve been dealing with the federal government and the state government to recover money for Fortune 500 Fortune 1000 companies so a great deal of our big big business customers have actually worked with bottom line to recover other federal government programs we have actually done sales tax and utilize tax unemployment tax work chance tax credits research and development tax credits unclaimed property property tax all of these other government programs.
The worker retention tax credit is a broad based refundable tax credit designed to encourage.
companies to keep employees on their payroll. The credit is 50% of approximately $10,000 in salaries paid by an.
employer whose company is completely or partially suspended because of COVID-19 or whose gross invoices.
decrease by more than 50%.
1. The credit is available to all employers regardless of size including tax exempt organizations. There are.
only 2 exceptions: (1) state and local governments and their instrumentalities and (2) little.
organizations who take Small Business Loans.
2. To qualify, the employer needs to meet one of two alternative tests. The tests are calculated each.
calendar quarter– Either.
o the employer’s organization is totally or partly suspended by federal government order due to COVID-19.
during the calendar quarter or.
o the employer’s gross receipts are listed below 50% of the equivalent quarter in 2019. Once the.
company’s gross invoices go above 80% of a similar quarter in 2019 they no longer certify.
after completion of that quarter.
Computation of the Credit.
The amount of the credit is 50% of the certifying incomes paid up to $10,000 in overall.
It works for incomes paid after March 13th and before December 31, 2020.
The definition of certifying wages varies by whether an employer had, usually, basically than.
100 workers in 2019.
Business that concentrate on ERC filing help usually supply proficiency and support to assist services browse the complex procedure of declaring the credit. They can offer different services, including:.
How is the employee retention credit calculated? Employee Retention Credit Phone Number
Eligibility Evaluation: These companies will evaluate your company’s eligibility for the ERC based upon elements such as your market, revenue, and operations. If you fulfill the requirements for the credit and determine the optimum credit quantity you can claim, they can help figure out.
Paperwork and Estimation: ERC filing services will help in gathering the necessary paperwork, such as payroll records and monetary declarations, to support your claim. They will also help calculate the credit quantity based upon qualified earnings and other certifying expenditures.
Retroactive Claim Evaluation: If you are eligible to claim the ERC for prior quarters, these companies can review your previous payroll records and financials to recognize potential chances for retroactive credits. They can help you change previous tax returns to claim these refunds.
Filing Assistance: Business focusing on ERC filings will prepare and submit the necessary types and documentation on your behalf. This consists of completing Type 941 or any other necessary tax forms.
Compliance and Updates: ERC regulations and assistance have actually progressed with time. These business stay updated with the latest changes and make sure that your filings abide by the most current guidelines. They can also supply ongoing assistance if the internal revenue service requests extra information or performs an audit related to your ERC claim.
It is essential to research study and vet any company using ERC filing help to guarantee their reliability and expertise. Look for recognized firms with experience in tax and payroll services, or consider connecting to relied on accounting firms or tax specialists who provide ERC submitting support.
Keep in mind that while these business can offer important help, it’s always a great idea to have a standard understanding of the ERC requirements and process yourself. This will assist you make notified decisions and guarantee accurate filings.
The Worker Retention Credit (ERC) is a refundable tax credit introduced by the U.S. government as part of COVID-19 relief steps. The goal of the ERC is to motivate businesses to keep and pay their employees during the pandemic, even if their operations have been impacted.
Here are some bottom lines about the ERC:.
Eligibility: The ERC is available to eligible employers, consisting of for-profit services, tax-exempt organizations, and particular governmental entities. To certify, companies should satisfy one of two requirements:.
The business operations were fully or partly suspended due to a government order related to COVID-19.
The business experienced a substantial decline in gross receipts. As mentioned earlier, for 2021, a significant decrease is specified as a 20% decrease in gross receipts compared to the same quarter in 2019. For 2022 and beyond, a considerable decline is defined as a 20% decrease in gross invoices compared to the exact same quarter in 2019, or a 20% decrease in gross invoices compared to the right away preceding quarter.
Credit Quantity: The ERC is a refundable tax credit that offsets the employer’s share of Social Security taxes. The credit amount is equal to a portion (approximately 70%) of qualified incomes paid to workers, consisting of certain health plan expenditures. The maximum credit per staff member is $7,000 per quarter in 2021 and $10,000 per quarter in 2022 and beyond.
Interaction with PPP: At first, companies that received a Paycheck Protection Program (PPP) loan were not eligible for the ERC. Legislation passed in late 2020 and extended in 2021 allows companies to declare the ERC even if they received a PPP loan. The same wages can not be utilized to declare both the PPP loan forgiveness and the ERC.
Retroactive Arrangement: The ERC has been retroactively broadened and enhanced, permitting qualified companies to claim the credit for qualified wages paid as far back as March 13, 2020. This retroactive arrangement offers an opportunity for services to amend prior-year income tax return and receive refunds.
Claiming the Credit: Employers can claim the ERC by reporting it on their employment tax returns, typically Type 941. If the credit exceeds the amount of employment taxes owed, the excess can be reimbursed to the employer.
It’s important to note that the ERC provisions and eligibility requirements have actually developed in time. The very best course of action is to talk to a tax professional or check out the main IRS website for the most up-to-date and detailed info relating to the ERC, including any current legal changes or updates.
To qualify for the ERC, a business must satisfy among the following requirements:.
Business operations were fully or partly suspended due to a government order related to COVID-19.
The business experienced a considerable decline in gross receipts. For 2021, a substantial decline is defined as a 20% decline in gross invoices compared to the exact same quarter in 2019. For 2022 and beyond, a considerable decrease is specified as a 20% decline in gross receipts compared to the exact same quarter in 2019, or a 20% decline in gross receipts compared to the right away preceding quarter.
The ERC is offered to businesses of all sizes, consisting of tax-exempt companies, but there are some exceptions. For example, federal government entities and services that got a PPP loan might have limitations on declaring the credit.
The process for claiming the ERC includes completing the required kinds and consisting of the credit on your employment tax return (generally Type 941). The exact time it takes to process the credit can differ based upon numerous factors, including the complexity of your organization and the work of the internal revenue service. It’s recommended to seek advice from a tax expert for assistance specific to your scenario.
There are several companies that can assist with the procedure of declaring the ERC. Some well-known business that use help with ERC claims consist of ADP, Paychex, Deloitte, and Ernst & Young.
Please keep in mind that the information provided here is based on basic knowledge and may not reflect the most current updates or changes to the ERC. It’s important to talk to a tax expert or check out the official IRS website for the most updated and precise information concerning eligibility, claiming procedures, and available support.
Less than 100. The credit is based if the company had 100 or fewer staff members on average in 2019.
on wages paid to all workers whether they really worked or not. In other words, even if the.
workers worked full time and made money for full-time work, the company still gets the credit.
Greater than 100. The credit is if the employer had more than 100 staff members on average in 2019.
permitted just for salaries paid to staff members who did not work throughout the calendar quarter.
In both cases, “incomes” includes not just cash payments but also a portion of the cost of employer.
offered health care. Employee Retention Credit Phone Number
Employers can be right away reimbursed for the credit by lowering the amount of payroll taxes they.